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Oil stabilized Wednesday after data from American Petroleum Institute

2019-10-09 08:33 am | Resource: News | No Views : 29

Oil stabilized Wednesday after data from the American Petroleum Institute
 
Oil prices have stabilized despite estimates pointing to high US oil inventories, and with the prospect of resuming trade negotiations between Washington and Beijing tomorrow in light of escalating tensions between the two countries.

Meanwhile, Russian Energy Minister Alexander Novak said on Tuesday there were no discussions within the so-called OPEC + group on the possibility of increasing production. He was quoted by local media as saying that representatives of the Organization of Petroleum Exporting Countries, Russia and its bloc need to continue to monitor the balance in the market. However, Novak also stressed that winter will lead to risks in terms of the stability of supply and demand.

He pointed out that the country's mid-term strategy is calculated on the basis of $ 50 a barrel.

Separately, Kremlin spokesman Dmitry Peskov said that Saudi Arabia assumes a different price in its fiscal policy. He claimed that both the government in Moscow and the de facto OPEC leader want to prevent it from exceeding the "reasonable level" in addition to ensuring that the price of oil does not drop significantly. Russia is strongly resisting oil price fluctuations, according to the administration official.

Aramco publishes IPO prospectus in October

Saudi Aramco is likely to publish an IPO by the end of October, the Wall Street Journal reported, citing people familiar with the matter. The publication is scheduled to be published in Arabic on 25 October, while the English version will be published on 27 October. In the prospectus, investors will find out what percentage of Aramco's shares it wants to list on the Tadawul in Riyadh later this year. After its publication, Aramco will begin the process of building books to see how investors are interested in stocks. The result will help Saudi officials decide on the future of the IPO.

Aramco plans to list about 5% of its shares, first in Riyadh, then internationally. Saudi Crown Prince Mohammed bin Salman hopes the oil giant will be worth $ 2 trillion.

The American Petroleum Institute: High oil inventories 4.1 million barrels .. And gasoline stocks fall 5.9 million barrels
  • The American Petroleum Institute announced that US oil inventories increased by 4.1 million barrels during the week ending October 4
  •  Gasoline inventories fell 5.9 million barrels last week.
  • Distillate inventories - which include heating oil and diesel - fell by about four million barrels.

Oil Contract Trading
  • Brent crude futures were flat at $ 58.22 a barrel, after falling 0.2% yesterday to $ 58.24.
  • US crude futures settled at $ 52.6 a barrel, after falling on Tuesday to settle at $ 52.63. At 09:03 AM CET


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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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