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Oil falls due to rising US inventories after the Institute of Petroleum report

2019-10-17 07:26 am | Resource: News | No Views : 22

 Oil falls due to rising US inventories after the Institute of Petroleum report

Crude oil futures were down nearly 1% on Thursday after private data showed a larger-than-expected increase in US oil inventories. According to a report by the American Petroleum Institute (API), US oil inventories grew by 10.5 million barrels last week, marking the biggest jump in more than two and a half years. Official data from the US Energy Information Administration (EIA) is due later in the day.

US Petroleum Institute: US oil inventories show a jump of 10 million barrels

Crude oil inventories rose significantly more than expected in the previous week, rising 10.5 million barrels, marking the largest rise since February 2017. The Energy Information Administration is scheduled to release official data on crude oil inventories on Thursday. in the United States.

Rosneft acquires the Venezuelan oil company

In other news, the Russian oil giant will take control of the Venezuelan oil and gas company, the Venezuelan Oil and Gas Company (PDVSA), sources said. In return, Russia will write off Venezuela's national debt to the country.

According to reports, Russian experts have already visited the facilities of the Venezuelan oil and gas company to estimate the resources for reconstruction that are supposed to occur once Rosneft took over. "They are already reviewing ships and facilities to determine the real situation of the Venezuelan oil industry," one source said. In January, the United States imposed sanctions on Venezuela's oil and gas company and its US assets are estimated at $ 7 billion.

The Venezuelan oil and gas company is subject to US sanctions as part of the sanctions imposed on the Maduro regime

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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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