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Oil prices rise as supply falls

2019-03-26 12:40 pm | Resource: NEWS | No Views : 139



Oil prices rose sharply on Tuesday, bolstered by Venezuela's political turmoil, which threatens further supplies to the country. Where fears of a possible recession have eased.

Investors expect that supplies will continue to be cut through the rest of 2019. OPEC and its allies plan to hold the next Joint Ministerial Monitoring Committee meeting on May 19 in Jeddah, Reuters reported.

OPEC and other countries, including Russia, have agreed to cut oil production by 1.2 million bpd this year.

US sanctions against Iran and Venezuela also helped investors ignore the signs of a severe economic slowdown. Where he warned US Secretary of State "Mike Pompeo" Russia from the consequences of interference in Venezuelan affairs, after Moscow sent about 100 troops to the Latin country, within the framework of a long-term military agreement.

US 10-year Treasury yields rebounded slightly from their 2017 low in the previous session, helping ease concerns about a possible recession in the United States. WASHINGTON (Reuters) - US economic growth is slowing but still strong, Chicago Federal Reserve Chairman Charles Evans said on Monday. The recession has been set at no more than 25 per cent.

The focus will now be on weekly oil reports from the American Petroleum Institute (API) and Energy Information Management (EIA) scheduled for today and tomorrow.

Oil riddles
 
  • Brent crude rose 0.8 percent to $ 67.35 a barrel.
  • WTI futures rose 1.2 percent to $ 59.55 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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