BUZ INVESTORS Crude Oil decreased 0.40 The commodity is trading at $52.31 per barrel at 09:40 GMT this morning, 0.78% lower from the New York close. Crude oil witnessed a high of $52.76 per barrel and a low of $52.31 per barrel during the session. In the New York session yesterday, crude oil fell 0.83% to close at $52.72 per barrel, after the EIA stated that US shale production is set for its biggest monthly increase in more than 2 years in May. Immediate downside, the first support level is seen at $52.01 per barrel, while on the upside, the first resistance level is at $52.91 per barrel.
Crude Oil decreased 0.40 USD/BBL or 0.76% to 52.15 on Tuesday April 18 from 52.65 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
U.S. government drilling data showed shale production next month was set to rise to 5.19 million barrels per day (bpd), with output from the Permian play, the largest U.S. shale region, expected to reach a record 2.36 million bpd.
Global benchmark Brent crude futures were down 49 cents at $54.87 a barrel at 1038 GMT. They touched $54.76 intraday, the lowest since April 7.
U.S. West Texas Intermediate crude futures traded down 46 cents at $52.19 a barrel. Their intraday low was $52.16, also the weakest since April 7.
“EIA (U.S. Energy Information Administration) estimates for a combined 124,000 barrels-per-day growth in U.S. shale production over May have added another bearish element to the market,” wrote analysts at JBC Energy, based in Vienna.
More barrels could be on their way to market from U.S. shale fields as financial companies are investing billions in production, a Reuters analysis showed.
Market quotes are powered by
Click here for reuse options!