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Oil prices stabilize amid anticipation of global trade tensions

2019-08-07 11:38 am | Resource: News | No Views : 71

Oil prices stabilize amid anticipation of global trade tensions

Oil prices stabilized after losses on Tuesday as fears of a US-China trade war weighed on demand, despite estimates that US inventories continued to fall.

 Meanwhile, reports continued that US President Donald Trump and his administration have stepped up measures against Venezuela that remains supportive of today's oil markets and limited losses. Trump signed an executive order late Monday in the United States declaring a complete economic embargo on Venezuela, freezing all government assets and banning transactions with the country, unless specifically excluded.

Aramco earns $ 47 billion in the first half, insiders say

In other news, Energy Intelligence reported on Wednesday, citing unnamed sources familiar with the matter, that Saudi Arabian Oil Company or Saudi Aramco is about to announce a net income of $ 47 billion. The kingdom's monopoly was preparing for years to be listed, but the decision was delayed several times amid market turmoil and lack of political will. Meanwhile, the company's facilities have been hit by cross-border rocket attacks by Houthi rebels in Yemen.

The oil giant made a profit of $ 224 billion last year before interest, tax, amortization and consumption (EBITDA) of total revenue of $ 355.9 billion, resulting in a profit of $ 111.1 billion last year.

Falling US Inventories

The American Petroleum Institute announced that it recorded a 3.43 million barrels decline in commercial inventories in the seven days to August 2. The size of the industry center in Cushing, Oklahoma, is said to have dropped by 1.6 million barrels. Gasoline was reported to have fallen by 1.1 million, while distillate output grew by 1.2 million barrels per week over the week. Official data will be released later today from the Energy Information Administration.

Oil Contract Trading
  • Brent crude futures settled at $ 58.99 a barrel, at 08:53 am Mecca time, after falling yesterday by 1.4%.
  • US crude for September delivery was flat at $ 53.67 a barrel, after falling 1.9% on Tuesday.

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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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