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Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories

12 July 2017 07:56 PM BDT
Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories

FxGrow Daily Technical Analysis – 12th July, 2017 By FxGrow Research & Analysis Team Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories Crude Oil managed to add $2.36 bp since Monday and clocked $45.99 bp high supported by the U.S. Energy Information Administration report on Tuesday as it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook, but remaining at record. Also, reports by Reuters mentioned that Saudi Arabia is due to decrease their oil exports to the lowest record during August. On the other hand, other fundamentals such as Libya and Nigeria (Non OPEC) extended their oil production output, keeps market overloaded (glut) and oil rising prices at slower pace. Add to that, Iran's oil output will rise to ... Yesterday, Qatar signed a contract with Total French Company to develop Shahine field with $3.5B and could see oil production at 300,000 bp day. For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.  

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