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Oil stabilizes after yesterday's decline due to jump in US inventories

2019-11-07 07:47 am | Resource: News | No Views : 29

 Oil stabilizes after yesterday's decline due to jump in US inventories

Oil prices held steady on Thursday after oil traded sharply lower on Wednesday due to a bigger-than-expected jump in US crude inventories as well as new trade concerns. On the trade front, the media reported that China and the United States may delay the signing of the first phase of the trade agreement until December as the two sides are still negotiating the venue and time of the meeting between Presidents Donald Trump and Xi Jinping.

US Energy Information Administration: US crude inventories rise 7.9 million barrels

US crude oil inventories rose 7.9 million barrels to 446.8 million barrels in the week ending Nov. 1, the US Energy Information Administration said Wednesday. US crude oil refinery input averaged 15.8 million barrels per day, down 237,000 barrels a day from the previous week. Refineries operate at 86% of their capacity, while gasoline production has fallen, on average 10 million barrels per day.

US crude oil imports reached 6.1 million barrels per day, down 620,000 barrels per day from the previous week. Total commercial oil inventories increased by 3.9 million barrels.

Saudi Arabia urges OPEC to comply with production restrictions

Saudi Arabia will try to persuade members of the Organization of the Petroleum Exporting Countries (OPEC) to comply with agreed output cuts, aiming to raise prices ahead of Saudi Aramco's IPO, sources told the Wall Street Journal. It is reported that the Saudi Arabian Oil Company estimated oil prices at about $ 65 a barrel in its documents submitted to investors.

Nigeria has pledged to help achieve the goal by pressing other African OPEC countries to cut oil production, the report said.

The world's largest oil producer will be announced in December, when the IPO price range was due to be announced on November 17. Aramco announced on Monday that its revenues in the first nine months of 2019 fell 7% year on year.

Oil Contract Trading
  • Brent crude futures settled at $ 61.7 a barrel, at 08:50 am CET, after falling Wednesday by 1.22 dollars to 61.74 dollars a barrel.
  • US crude contracts settled at $ 56.34 a barrel, after falling 88 cents yesterday to $ 56.35.

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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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