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Oil continues to decline as reports of falling production and falling stocks continue

2019-03-14 10:28 am | Resource: News | No Views : 211

 Oil prices rose on Thursday, supported by optimism about OPEC and its allies' efforts to cut production to support markets, as US inventories unexpectedly fell.

US oil inventories fell by 3.9 million barrels

US crude oil inventories fell 3.9 million barrels to 449.1 million barrels for the week ending March 8, the US Energy Information Administration said on Wednesday.

The crude oil refinery's average input was 16 million barrels per day during the same week, up 30,000 barrels from the previous week's average. Refineries work at 87.6% of capacity. At the same time, gasoline production was weaker than the previous week, averaging 4.9 million barrels per day.

Average crude oil imports averaged 6.7 million bpd last week, down 255,000 bpd from the previous week. Total commercial oil inventories declined by 10.2 million barrels.

US stops Iranian oil exports "as soon as possible" - Pompeo

In other news, US Secretary of State Mike Pombo said the Trump administration "has every intention to push Iranian oil exports to zero as quickly as possible." He said the country's role in the oil trade is declining and its exports "have fallen because of our pressure campaign."

Speaking at the energy summit, Pompeo accused Iran of using energy to "exert undue influence" in the Middle East, especially on Iraq. "While the United States is working to develop a sovereign independent Iraq, Iran is using its energy to create a dependent state." We have worked hard over the past months to reduce the flow of Iranian crude oil around the world to convince the Iranians. Its citizens what they demand, and reduce the threat of terrorism and instability throughout the Middle East. "

Oil contracts

  • West Texas Intermediate crude futures for April delivery rose 0.24% to $ 58.40 a barrel
  • Brent crude for May delivery rose 0.34% to $ 67.78 a barrel, after yesterday's price of $ 67.55 a barrel.

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…

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