Oil slips on rising US inventories

Oil slips on rising US inventories

Oil

  • Buz Investors rising US inventories The commodity is trading at $52.87 per barrel at 10:40 GMT this morning, 0.13% lower from the New York close.
  • Crude oil witnessed a high of $53.08 per barrel and a low of $52.74 per barrel during the session. In the New York session yesterday, crude oil rose 0.08% to close at $52.94 per barrel, extending its previous session gains. Separately, the API disclosed that US crude oil inventories rose more than expected by 2.9 million barrels last week.
  • Immediate downside, the first support level is seen at $52.51 per barrel, while on the upside, the first resistance level is at $53.40 per barrel.




rising US inventories

Buz Investors rising US inventories The commodity is trading at $52.87 per barrel at 10:40 GMT this morning, 0.13% lower from the New York close. Crude oil witnessed a high of $53.08 per barrel and a low of $52.74 per barrel during the session. In the New

rising US inventories Oil costs fell on Wednesday after builds in U.S. inventories reinforced expectations that growing shale output this 12 months might lessen the effect of manufacturing cuts via OPEC and different principal exporters.
Benchmark Brent crude was down 1 consistent with cent or 54 cents a barrel at US$fifty four.ninety by way of 1024 GMT. U.S. mild crude turned into down 52 cents at $52.66.

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rising US inventories 

Weekly stock information from the american Petroleum Institute (API) late on Tuesday confirmed U.S. crude, gasoline and diesel shares rose extra than expected final week.
The U.S. government’s power statistics administration (EIA) reports its personal facts at 1530 GMT and buyers will appearance to see whether the reliable figures confirm the industry’s numbers.
“The API record became bearish,” stated Tamas Varga, senior analyst at London brokerage PVM Oil pals. “count on greater strain on prices if the EIA shows similar numbers.”

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST 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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