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Oil traded lower as US supply rises

2019-04-11 09:38 am | Resource: NEWS | No Views : 118

Oil traded lower as US supply rises

Crude oil prices were trading in the red zone on Thursday as investors continued to worry about rising oil supply in the United States

Where the Energy Information Administration of the country yesterday announced a jump of 7 million barrels per day in crude oil inventories last week.

At the same time, market watchers were also concerned about the expected global economic slowdown and the negative impact it could have on oil demand.

International Energy Agency: Oil markets tighten sanctions due to OPEC cuts

The International Energy Agency said on Thursday that the "increasing effectiveness" of sanctions against Iran and Venezuela were factors in the tightening of oil markets, along with production cuts by OPEC countries, which cut production by 2.2 million bpd from November to March. Non-OPEC producers cut production by 0.7 million bpd on a quarterly basis in the first three months of 2019.

The agency noted that "uncertainty" in Libya is a new development that could affect markets.

The International Energy Agency (IEA) has kept its forecast for 1.4 million barrels per day growth in demand for oil, noting that major demand centers, particularly China, India and the United States, "are working hard." On the other hand, demand in the OECD countries is falling, which could further deepen Britain's exit from the EU without an agreement, according to its warning.

Meanwhile, the International Energy Agency (IEA) said earlier in the day that the "increasing effectiveness" of sanctions against Iran and Venezuela were factors in the tightening of oil markets, along with production cuts by OPEC countries, which offset some losses in the oil market.

Oil contracts
  • WTI crude for May fell 0.60% to trade at $ 64.24 a barrel at 11:03 CET.
  • While the Brent International Settlement Index in June lost 0.43% to trade against 71.47 dollars a barrel at 11:04 am Central European ..

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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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