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Crude oil prices rising modestly amid turmoil in Iraq, Ecuador

2019-10-08 08:47 am | Resource: News | No Views : 10

 Oil is rising modestly amid turmoil in Iraq, Ecuador

Crude oil prices rose on Tuesday as statistical data from Germany showed a rise in industrial production. Investors saw strong gains in the core reading, which excludes construction and energy, as relief if not recovery as the other two components fell. Adding to the upward pressure were concerns about the stability of oil supplies from Iraq and Ecuador.

Mass demonstrations are being held against the two governments, with a large number of deaths in the Middle East. Commodity futures were mostly broadly higher.

Three oil fields in Ecuador shut amid protests

The Ministry of Energy in the country confirmed that three oil fields in Ecuador belonging to the state oil company Petromazonas have been closed. In a statement, Ecuador confirmed that the three Petroamazonas sites were seized "by individuals not affiliated with the operation." The ministry pointed out that it is losing about 46,000 barrels per day in production due to closures because it is unable to transport crude oil.

Last week, demonstrators took to the streets across the country after the Ecuadorian government removed fuel subsidies as part of austerity measures.

Meanwhile, Russian presidential spokesman Dmitry Peskov said in an interview with Russia 24 television on Tuesday during the Russian Energy Week, Tass said Russia and Saudi Arabia are interested in ensuring that the price of oil does not exceed a reasonable level. "We are interested in ensuring that this price does not rise above a reasonable level," he said.

According to Fitch forecasts, the price of oil in 2019 will be at $ 65 a barrel. For many OPEC members from the Middle East - especially for the UAE and Kuwait, this price is very comfortable, analysts say. The exception is Saudi Arabia, where the deficit-free budget starts at $ 80 a barrel.

Saudi Arabia is OPEC's largest oil producer - along with Russia, the leading OPEC country.

Oil Contract Trading
  • The WTI settlement for next month rose 0.83% to $ 53.19 a barrel.
  • Brent crude for December rose 0.7% in the green at $ 58.76 per 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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