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Oil price retreated after the API announced inventories rise

2019-11-06 07:59 am | Resource: News | No Views : 40

Oil  price retreated after the API  announced inventories rise

Oil prices fell slightly during the intraday trading Wednesday morning after estimates indicated a rise in US inventories, in anticipation of any signs of the development of trade talks.

The American Petroleum Institute reports a rise in oil inventories

The weekly report of the American Petroleum Institute (API) showed that US crude oil inventories rose by 4.26 million barrels in the week ending November 1, as traders learned from the US media on Tuesday. Gasoline inventories fell by 4 million barrels, while distillate inventories fell by 1.6 million barrels, according to data from the institute.

Reports: Aramco announces IPO price range on November 17

In other news, Saudi Arabia's state oil company is expected to announce the IPO price range on November 17 and the promotion will start the next day, media reported on Tuesday. Aramco plans to sell 2% of its shares in the IPO and is scheduled to start trading on the Saudi bourse on December 11, Reuters reported, citing sources familiar with the matter.

Over the weekend, the oil giant announced its IPO in December and noted that it would publish the IPO prospectus on November 9. Aramco's IPO is likely to be the largest in the world despite having only a small fraction of the shares offered.

Oil Contract Trading
  • Brent crude futures fell 0.35%, or 22 cents, to $ 62.74 a barrel, at 08:55 am CET, after yesterday's rise of 83 cents at $ 62.96.
  • US crude fell 0.33% to $ 57.04 a barrel, after rising at Tuesday's settlement to $ 57.23, the highest close since September 24.

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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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