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Oil fell as business fears returned

2019-03-20 12:14 pm | Resource: News | No Views : 160


 
Oil prices fell from a four-month high on Wednesday as trade fears re-emerged and Alberta County said it was easing its production limit imposed in January. Meanwhile, after API data showed a 2 million barrel drop in US crude supplies for the week ending March 15, investors are now awaiting the US Energy Information Administration (EIA) report later in the session for further guidance.

Alberta's provincial government expects to increase production limits by 25,000 bpd in May and 25,000 bpd in June, allowing a total production of 3.71 million barrels per day.

Standard & Poor's raises its forecast for Brent crude to $ 60

In other news, Standard & Poor's raised its forecast for Brent crude to $ 60 a barrel, two months after cutting its vision to $ 55, instead of $ 65. The credit rating agency revised its vision of the price, with OPEC and its allies, including Russia, reducing oil production, and explained that adjusting its forecasts was in line with changing global economic conditions as well.

Oil prices have recently received support from OPEC and non-OPEC supply cuts, as well as US sanctions against Iran and Venezuela.


Oil contracts
  • Brent crude fell 0.15 percent to $ 67.52 a barrel after hitting a 16-year high of $ 68.20 a barrel on Tuesday.
  • WTI futures fell 0.6 percent to $ 58.92 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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