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Oil falls as global supply rises

2019-04-15 09:17 am | Resource: NEWS | No Views : 127

 Oil falls as global supply rises

Crude oil prices traded in the red zone on Monday as investors became worried about the global supply of oil again.

The continuing rise in US production and fears of a global economic slowdown have affected the decline in oil values ​​despite OPEC's ongoing efforts to address the unbalanced market through the implementation of production cuts.

On Friday, the Baker Hughes report said that the number of US oil platforms rose by 2 to 833 while earlier in the week the Energy Information Administration announced an increase of 7 million barrels per day in US crude inventories.

However, continuing sanctions against Iran and Venezuela continued to offset some of the losses.

After the US Treasury announced the imposition of new sanctions targeting the Venezuelan oil sector. The new sanctions were imposed on four companies, three from Liberia and one based in Italy, as well as nine ships.

Russian Finn hopes the United States will not adopt a bill against OPEC

In other news, Russian Finance Minister Anton Silwanov said on Saturday he hoped US lawmakers would not pass the cartel non-production and export bill currently being debated by Congress, local media reported.

The bill, drafted to oppose the Organization of Petroleum Exporting Countries (OPEC), will allow lawsuits against oil cartel countries to collide with prices. However, OPEC said earlier that such legislation would be a problem because US courts could not determine the legal competence of other countries' policies.

"I am not surprised at anything," Silwanov said, "and this issue has been considered before, and no decisions have been taken, because logically, this can not be an American mandate." "I hope this does not happen, the question of such collusion has been considered earlier in the United States, but that has not yet led to anything."

Oil futures trading

  • WTI futures for May fell 0.45%, trading at $ 63.60 a barrel at 10:28 am CET.
  • While the benchmark Brent crude for the international benchmark index fell 0.21% to reach 71.46 dollars a barrel at 10:29 GMT Central Europe, but remained above the important level $ 71 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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