Buz Investors Oil prices fall The commodity is trading at $54.19 per barrel at 10:40 GMT this morning, 0.31% lower from the New York close. Crude oil witnessed a high of $54.51 per barrel and a low of $54.04 per barrel during the session. In the New York session yesterday, crude oil fell 0.22% to close at $54.36 per barrel, after the EIA reported that US crude stockpiles increased slightly by 0.56 million barrels to 518.7 million barrels last week, advancing for the seventh consecutive week. Immediate downside, the first support level is seen at $53.84 per barrel, while on the upside, the first resistance level is at $54.74 per barrel.
Oil prices fell on Friday after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply despite many producers’ efforts to rein in output.
US crude stocks rose by 564,000 barrels in the week to Feb. 17, according to the Energy Information Administration (EIA), although the gain was below analysts’ expectations for an increase of 3.5 million barrels.
Their joint compliance with a production-reduction deal reached at the end of last year was around 86 percent in January, according to OPEC sources quoting results from a technical committee meeting held this week.
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