Oil falls ahead of US inventories data

2019-08-13 13:32:21 GMT (Economies.com)
Oil falls ahead of US inventories data

Oil fell as the US market opened today, after it rose in the European market, ahead of the preliminary data on US oil inventories, while Saudi Arabia's measures to support the market and to stop prices from falling further are curbing oil losses,.

 

As of 12:40 GMT, WTI fell to $54.50 a barrel, from the opening of $54.70, with a high of $55.27, and a low of $54.23.

 

Brent fell to $58.35 a barrel, from the opening of $58.46, with a high of $58.86, and a low of $58.08.

 

WTI rose by 0.9% yesterday, and Brent rose 0.2%, in their third straight daily gain.

 

The American Petroleum Institute (API) will release later today its preliminary data on US oil inventories, amid forecasts for it to rise for first time in the last nine weeks, while the official data will be released on Wednesday by the EIA.

 

Bloomberg announced that a Saudi official said that Saudi Arabia is considering more measures to stop oil prices from falling further.

 

Riyadh announced its intentions to set its oil exports below 7 million barrels per day in August and September.

 

As the Saudi officials see that they should interfere with the price slump, especially ahead of Aramco's initial IPO, which could be largest offering ever in the world.

 

Saudi Arabia may cut production, in addition to making other producers to join this cut, and if the OPEC Plus alliance cut production more than previously agreed, it is likely that Riyadh will bear the biggest share of the cut.

 

Meanwhile, OPEC Plus are currently executing a global agreement to cut oil production by 1.2 million barrels per day until March 2020.

 
 
 
  Symbol Last Change Chg.%
1.1133
0.0071
0.6455%
1.3200
0.0063
0.4807%
Tadawul
8133.72
67.30
0.83%
16.860
0.288
1.738%
58.796
-0.314
0.531%
63.72
-0.62
0.96%
1474.830
14.985
1.026%
 
 
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