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Oil rise due to falling stocks and tensions between Iran and West

2019-08-22 11:40 am | Resource: News | No Views : 30

Oil rise due to falling stocks and tensions between Iran and West
 
Oil prices rose on Thursday after US government data showed a drop in domestic crude inventories after the US Energy Information Administration report on Wednesday.

Data released by the Energy Information Administration showed on Wednesday
  • US crude inventories fell by 2.7 million barrels in the week ending August 16, after posting increases in the previous two weeks.
  • Gasoline inventories rose by 300,000 barrels last week and distillate inventories increased by 2.6 million barrels.

Oil markets also remained buoyed by tense tensions between the United States and Iran, with Iranian President Hassan Rouhani making a strong tone on how to deal with the United States. In a speech in Tehran during the unveiling of the Bavarian 373, Rouhani said the talks were useless when enemies did not accept logic. Iranian state television reported that the Bavarian 373 is capable of identifying up to 100 targets at the same time and confronting them with six different weapons.

OPEC share in oil market decline

In another report, Reuters revealed that OPEC's share of the world oil market fell to 30%, the lowest level in years, due to supply constraints and involuntary losses in Iran and Venezuela, and there is little sign that producers are reluctant to cut production strategy. Crude oil from the Organization of the Petroleum Exporting Countries (OPEC) accounted for 30% of global oil supply in July 2019, down from more than 34% a decade ago, peaking at 35% in 2012, according to OPEC data.

Lower prices, if continued, and eroding market share may raise the question of whether continued supply constraints serve the best interests of producers. The group tried to defend its market share under the former Saudi oil minister, Ali al-Naimi, who sharply increased production in the 2014 war of pumping.

Oil Trading
  • Brent crude rose 0.75 percent to $ 60.74 a barrel, gaining gains for the fifth straight session.
  • WTI futures rose 0.7 percent to $ 56.08 a barrel.


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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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