country flagالعربية

Oil prices rise ahead of US inventory data

2018-08-28 04:37 pm | Resource: News | No Views : 928

US crude reached near August highs near midday trade on Tuesday as investors prepared for the latest weekly data on US oil inventories.

 New York's WTI crude futures fell 18 cents, or 0.26 percent, to $ 68.69 a barrel by 15:42 GMT, not far from the day's high of $ 69.19. Its highest price per month was reached at $ 69.92 on August 6th.

Meanwhile, Brent crude, the benchmark oil price index outside the US, rose 1 cent or 0.01 percent to $ 76.51, the highest level since July 11.

The US Petroleum Institute is due to release its weekly report for the week ending Aug. 10 at 20:30 GMT on Tuesday, while official government data will be released on Wednesday.

Figures from last week showed a larger-than-expected change in stocks, easing concerns about oversupply.

In addition, the OPEC and non-Opec watchdog found that oil producers involved in the supply reduction cut production in July by 9 percent more than their agreement called, two sources familiar with the matter told Reuters on Monday.

OPEC and other major oil producers led by Russia agreed on June 22 and 23 to reduce their compliance with production limits to 100 percent when they reached nearly 150 percent due to shortages and unrest in member states such as Venezuela, Libya and Angola.

According to Reuters data, production did not rise as planned.

In other energy trading, gasoline futures fell 0.60% to $ 1.9751 a gallon by 11:47 ET (15:47 GMT), while heating oil rose 0.19% to $ 2.2248 a gallon.

Finally, natural gas futures lost 1.01% to $ 2.840 per million British thermal units.

Other analysis

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…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.