Buz Investors Oil Price Pushes UK Inflation The commodity is trading at $53.32 per barrel at 10:40 GMT this morning, 0.85% higher from the New York close.
Energy

Oil prices fall as US crude inventories rise further

Oil prices fall as US crude inventories rise further

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.

Oil

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.



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Oil prices fall

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  EIA reported that US crude stockpiles increased slightly by 0.56 million barrels

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.

The continued rise in US inventories comes as members of the Organization of the Petroleum Exporting Countries and other producers have cut output.

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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Richard Dambrosi (JADTECNIC) Has Been Sharing Forex Analysis Trending Markets News since 2011. Editors and Founder of InvestorsBuz.com , has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars , Electric Cars, Medical Marijuana , 3d printing and Cloud computing , Refers to Readers as BUZ INVESTORS.

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