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Oil records a decline in the beginning of weekly trading

2019-03-18 08:23 am | Resource: News | No Views : 125

Oil prices were trading in red at the beginning of the week on Monday, although last week's data from Baker Hughes concerning the number of oil platforms operating in the United States and Canada, which recorded a decline

Al-Falih: Not under American pressure to increase supply

Saudi Energy Minister Khalid al-Falih on Monday denied reports that the country was under pressure from the United States to refrain from further production cuts. Speaking to reporters at a meeting of OPEC's non-Opec ministerial committee in Baku, Al-Falih said the cartel would stick to its planned cutbacks as long as stocks continued to rise.

In December, the 24-nation alliance agreed to cut oil production by 1.2 million barrels per day after a two-day meeting in Vienna. Under the deal, OPEC will reduce production by 800,000 barrels per day, while Russia and the allied producers will take another 400,000 barrels from the market. US President Donald Trump has urged the group to ease cuts because of high oil prices on several occasions.

Venezuela Moves to the Petroleos de Venezuela office of Russia

In the coming weeks, Venezuelan Minister Manuel Kidvedo Delfesfer is planning an official visit to Moscow, where he will discuss the possible opening of Venezuela's state-owned oil company PDVSA, OPEC's ministerial follow-up committee told reporters on Sunday.

"I will go to Russia in the coming weeks, at the beginning of April, to open the Petroleos de Venezuela office in Russia," he said. But first, I have to meet on the agenda with Mr. Novak and Mr. Sechin, "referring to Alexander Novak, Russia's energy minister, and Igor Sechin, chief executive of Rosneft, a close ally of President Vladimir Putin.

Petroleos de Venezuela's move to boost trade ties with Russia comes days after the United States imposed sanctions on a Russian financial institution, Evrofinance Mosnarbank Ojsc, for allegedly helping and sponsoring PDVSA.

Oil contracts
  • West Texas Intermediate crude futures fell 0.38% to $ 58.30 a barrel at 8:20 am CET
  • Brent crude for May delivery lost 0.18% to $ 67.04 a barrel after ending the week at $ 67.16 a barrel, recording weekly gains of 2.2%.

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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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