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Oil opens the week trading steadily after last week's decline

2019-10-07 08:45 am | Resource: News | No Views : 28

 Oil opens the week trading steadily after last week's decline

Oil prices stabilized after recording weekly losses, in anticipation of trade negotiations between the United States and China to be held this week with another anticipation of tensions in the Arabian Gulf and the volume of oil production.

OPEC wants to help Putin on Saudi-Iranian tensions

Meanwhile, the group's secretary general said in an interview with Tass in an interview published on Monday that compliance with the Organization of Petroleum Exporting Countries' (OPEC) production cut of 136 percent in August, adding that deeper cuts would be premature. Mohamed Barkindo also pointed out that "a few countries" in the Global Compact were less than full compliance with quotas and appeared to be alluded to at the December conference. Turning to the mysterious attack last month that halved Saudi Arabia's production and escalated it in the already crucial dispute with Iran, he said the group would appreciate Russian President Vladimir Putin's help in "reconciling some differences".

Barkindo said Putin had "political weight and leverage" outside the Middle East. Conformity with the quantities agreed in the so-called OPEC + deal is looking to rise at the end of the year, he claimed. Ecuador's announcement yesterday that it would leave OPEC in January was a "surprise", according to the Secretary-General.

Barkindo: It is premature to discuss "OPEC" to increase oil production cuts

As explained by the Secretary-General of the Organization of Petroleum Exporting Countries "OPEC" "Mohammed Barkindo" that it is premature to consider increasing the pace of production cuts despite the decline in oil prices, according to the Russian news agency "TASS". He said OPEC was counting on Russia to help reduce tensions between Saudi Arabia and Iran to stabilize the global oil market.

Oil Contract Trading
  • Brent crude futures were steady at $ 58.31 a barrel after rising 1.1% on Friday, trimming their weekly losses to 5.7%.
  • US crude contracts settled at $ 52.8 a barrel, after rising at Friday's settlement of 0.7%, but achieved losses of 5.5% last week.


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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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