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Oil rises due to decline in US production and Middle East tensions
Wednesday, April15 2015
Twilight News / futures contracts for crude oil rose by signs of decline in US oil production and weakness in the dollar and tensions in the Middle East, especially in Yemen.
The monthly data showed a decline in oil production in North Dakota 150 thousand barrels per day in February compared with January, but the number of producing wells hit a record high.
This came after a report from the Energy Information Administration said it expects a decline in US production of shale oil 45 thousand barrels per day to 4.98 million barrels per day in May, which would be the first monthly decline in four years.
And helped shale oil production in the US increased more than four million barrels per day since 2010, which contributed to a sharp decline in price since June.
Prior to the contract for May Wednesday Solutions, Brent crude rose 50 cents to determined the settlement at $ 58.43 a barrel, which exceeds the moving average of $ 58.40 a hundred days. Brent above that level on Monday as well.
US crude rose for May delivery $ 1.38 is determined to settle at $ 53.29, surpassing moving average of $ 52.96 a hundred days.
And exceeded moving average one hundred days - a level of technical analysts watching closely - is the first since July July 2014.
Brokers said that the dollar's decline also helped to strengthen the US currency-denominated oil prices.
The market derived additional support from tensions in the Middle East with the continued fighting in Syria, Iraq and Yemen. Analysts fear that the war in Yemen undermine the stability of Saudi Arabia's largest oil exporter in the world.
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Wednesday, April15 2015
Twilight News / futures contracts for crude oil rose by signs of decline in US oil production and weakness in the dollar and tensions in the Middle East, especially in Yemen.
The monthly data showed a decline in oil production in North Dakota 150 thousand barrels per day in February compared with January, but the number of producing wells hit a record high.
This came after a report from the Energy Information Administration said it expects a decline in US production of shale oil 45 thousand barrels per day to 4.98 million barrels per day in May, which would be the first monthly decline in four years.
And helped shale oil production in the US increased more than four million barrels per day since 2010, which contributed to a sharp decline in price since June.
Prior to the contract for May Wednesday Solutions, Brent crude rose 50 cents to determined the settlement at $ 58.43 a barrel, which exceeds the moving average of $ 58.40 a hundred days. Brent above that level on Monday as well.
US crude rose for May delivery $ 1.38 is determined to settle at $ 53.29, surpassing moving average of $ 52.96 a hundred days.
And exceeded moving average one hundred days - a level of technical analysts watching closely - is the first since July July 2014.
Brokers said that the dollar's decline also helped to strengthen the US currency-denominated oil prices.
The market derived additional support from tensions in the Middle East with the continued fighting in Syria, Iraq and Yemen. Analysts fear that the war in Yemen undermine the stability of Saudi Arabia's largest oil exporter in the world.
[You must be registered and logged in to see this link.]
