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Oil price jumps 2 percent as United States stocks fall

2019-07-10 12:23 pm | Resource: News | No Views : 54

Oil price  jumps 2 percent as United States  stocks fall

Crude oil futures jumped 2% on Wednesday, extending gains earlier in the session and reaching their highest level in a week after private data showed that US oil inventories fell more-than-expected last week.

Oil prices rose sharply on Wednesday after the US Petroleum Institute (API) announced a massive withdrawal of crude oil stocks and top US producers cleared platforms in the Gulf of Mexico before a brewing storm. On Tuesday, the US Petroleum Institute (API) said oil inventories in the country fell by 8.1 million barrels. The US Energy Information Administration (EIA) is due to issue official weekly oil inventories later in the day.

The US Energy Information Administration said in its short-term energy report on Tuesday that US oil production would continue to break production records to 2020, but could grow at a slower pace than previously expected. At the same time, the tropical storm could become a storm later on Wednesday or Thursday, the National Hurricane Center said early on Wednesday. In the probability of becoming a named storm, it will be called Tropical Storm Barry.

Rouhani: The United Kingdom creates a state of insecurity by seizing the tanker

In other news, Iranian President Hassan Rowhani accused the United Kingdom on Wednesday of creating "insecurity" by detaining an Iranian oil tanker and warned London it would face "consequences" for its "stupid" move. Last week, the United Kingdom seized the Iranian ship, claiming it was on its way to transport oil to a Syrian refinery under EU sanctions, but Tehran insisted the tanker would not go to Syria and Britain demanded "immediate release" of the ship. .

Rohani also criticized the United States for demanding a meeting of the IAEA board of governors amid Tehran's partial suspension of its commitments under the joint comprehensive action plan. The Iranian president described Washington's move as "ridiculous" because it withdrew from the nuclear deal more than a year ago.

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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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