GulfBase Live Support
Leave a message and our representative will contact you soon
30/09/2017 15:22 AST
Crude oil prices lost traction in the late NA session on Friday, with the barrel of West Texas Intermediate turning negative below the $52 handle. As of writing, the barrel of WTI was at $51.50, losing 0.15% on the day.
According to the data released by Baker Hughes, the number of oil rigs operating in the U.S. rose for the first time in three weeks, bringing the total number up to 750. Moreover, earlier in the session, the U.S. Energy Information Administration published a report which highlighted that the U.S. crude oil production in July increased by 141,000 bpd to a 9.24 million barrels day in July.
Nonetheless, crude oil's retreat on Friday wasn't sharp enough to suggest a fundamentally driven drop and it looks more like a technical correction. In fact, on a weekly basis, the barrel of WTI is on track to record its highest closing in more than five months.
In the meantime, the political tension over the Kurdish region’s independence referendum in Iraq continues to threat country's ability to export crude oil. Commenting on the situation in Iraq, “no rapid solution to the crisis can be expected, which should continue to lend support to the oil price,” Carsten Fritsch, an analyst at Commerzbank in Frankfurt, told Reuters.
Technical outlook
On the upside, the barrel of WTI could encounter the first hurdle at $52 (psychological level) ahead of $52.85 (Sep. 28 high) and $53.75 (Apr. 12 high). On the flip side, supports align at $51.20 (Sep. 28 low), $50 (psychological level) and $48.85 (50-DMA).
FX Street
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 68.12 | -2.02 | -2.88 |
WTI | 63.51 | 0.5 | 0.79 |
OPEC Basket | 64.98 | -1.5 | -2.26 |
05/04/2018
Opec crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to
Gulf News
03/04/2018
Oil’s rally above $65 a barrel is being propelled by a sign that American explorers have curtailed drilling activity as well as ongoing speculation that the US could reimpose sanctions on Opec produc
Gulf News
29/03/2018
The Organization of the Petroleum Exporting Countries (Opec) is seeking “very long-term” cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday.
The Gulf Today
28/03/2018
Saudi Arabia and Russia are working on a long-term oil pact that could extend controls over world crude supplies by major exporters for up to 20 years, the Kingdom’s crown prince has said.
Arab News
27/03/2018
International oil prices are likely to tick up into the “high-sixties” further into 2018, according to Dr Mohammed bin Hamad al Rumhy, (pictured) Minister of Oil and Gas. Speaking at the opening of t
Oman Daily Observer