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Oil prices fall as global growth retreats

2019-03-21 11:22 am | Resource: News | No Views : 141

 Oil prices fell from their highest level in four months on Thursday, as concerns about slowing world growth renewed the market's impact.

US crude inventories fell 9.6 million barrels for the week ending March 15, the biggest since July, boosted by strong demand for exports and refining. This compared to analysts' forecast of an increase of 309 thousand barrels.

Oil Outlook to Rise in 2019

Brent crude oil prices rose to $ 75 a barrel in the third quarter of this year as a result of a global supply shortfall following OPEC's cut in output and disruption of Iranian and Venezuelan supplies due to US sanctions, analysts said.

In a related context, "Morgan Stanley" that Venezuela's oil production fell to between 600 thousand and 700 thousand barrels per day, and analysts forecast that the US sanctions on "Caracas" and "Tehran" will lead to a deficit of about 500 thousand barrels per day during the quarter The second annual market and 800 thousand barrels per day in the third quarter.

Growth fears returned after the US Federal Reserve cut its forecast for economic growth for 2019 and also adjusted inflation expectations, pointing to a slowdown in household spending and steady investment in business.

Meanwhile, China and the United States will resume trade talks next week after conflicting reports on the progress of the negotiations in recent days.

 US President Donald Trump warned on Wednesday he was likely to continue to impose a tariff on Chinese goods "for a considerable period" to make sure that Beijing complies with any trade deal.

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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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