Oil advances, dollar falls off year highs

Economies.com
2018-07-20 18:21PM UTC

Oil futures rose nearly one percent in American trade, paring the losses sustained earlier this week as the dollar index fell for the first time in four sessions away from July 2017 highs, following earlier data from the US, the world's largest energy consumer. 

 

As of 06:12 GMT, US crude futures due on August 15 rose 1.09% to $70.22 a barrel from the opening of $69.46, while Brent futures due on September 15 climbed 0.72% to $73.10 a barrel from the opening of $72.58, while the dollar index fell 0.70% to 94.50 from the opening of 95.16. 

 

Baker Hughes reported a drop in the US oil rig count by 5 rigs to a total of 858 rigs, while US output rose to 11 million bpd for the first time on record, nearing Russia's 11.1 million bpd, and passing Saudi Arabia's 10.7 million bpd.

 

Saudi Arabia's OPEC representatives said the country will avoid supplying the market with more than it needs, noting that Saudi exports could steady in July at same June levels. 

 

In other news, Libya's state oil corporation halted deliveries at the Zaiwa terminal due to low production after the Sharara oil field, one of the largest in the country, was hit by an attach, with five workers kidnapped.  

 

Surprise Buildup 

 

The Energy Information Administration released its report on US crude inventories, showing a buildup of 5.8 million barrels in the week ending July 13, compared to a 12.6M drop in the previous reading, while analysts expected a 3.6M decline, with total stocks now up to 411.1 million barrels, which is 2% below the five-year average for this time of year.

 

Gasoline stocks on the other hand fell 3.2 million barrels, still 5% above five-year averages, while distillate stocks, including heating fuel, fell 0.4 million barrels, making them 13% below averages. 

Commodities News

Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...
Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Silver Analysis

Commodities

Silver price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Silver Price Analysis Silver price faces expected negative pressure to test the key support ...