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Oil prices fall as US inventories rise

2019-02-07 12:22 pm | Resource: NEWS | No Views : 231

Oil prices fell on Thursday after data showed rising inventories of crude oil and a rise in US oil production.

The reduction of OPEC-led supply and the imposition of US sanctions on Venezuela's oil industry helped curb the decline. On the positive side, Venezuelan crude exports to the United States are expected to drop by 300,000 bpd to 700,000 bpd after US sanctions on the country's oil industry.

Novak: Talks on alliance with OPEC will begin in April

Russian Energy Minister Alexander Novak said on Thursday that negotiations on the charter, which will establish unlimited cooperation with the Organization of the Petroleum Exporting Countries (OPEC), will begin in April during the organization's meeting with other producers.

Yesterday, it was reported that OPEC is seeking to form an official alliance with 10 other major producers led by Russia in an attempt to improve the balance of the world oil market. Over the past two years, Russia and other producers have cooperated with OPEC and agreed to take part in the latest cut in production.

Data from the Energy Information Administration showed that crude inventories rose by 1.26 million barrels last week. Economists had expected an increase of 2.2 million barrels. Crude oil inventories rose 920,000 barrels in the previous week, while gasoline stocks jumped 510,000 barrels.

Meanwhile, the average US crude oil production was at a record 11.9 million barrels per day in late 2018.

Oil trading
  • The price of global crude oil fell 0.2 percent to 62.56 dollars a barrel
  • WTI futures in the US fell 0.15 percent to $ 53.94 a barrel.

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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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