US Crude Oil futures have slumped 17% this year to $82.70 per barrel aided by Saudi Arabian Oil Minister Ali al-Naimi’s statement that Organisation of Petroleum Exporting Countries (OPEC) may need higher output quota.
Brent Crude Oil for July settlement slipped 25 cents, or 0.3 percent, to $97.75 a barrel on the London-based ICE Futures Europe exchange
However, US oil inventories have fallen the most in almost five months as refineries ramped up production to meet summer demand. Stockpiles dropped 1.5 million barrels, or 0.4 %, to 383.1 million in the seven days ended June 8, according to the median of seven analyst estimates before an Energy Department report tomorrow.
Stochastic and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.
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Stock Tips, Commodity Tips
Brent Crude Oil for July settlement slipped 25 cents, or 0.3 percent, to $97.75 a barrel on the London-based ICE Futures Europe exchange
However, US oil inventories have fallen the most in almost five months as refineries ramped up production to meet summer demand. Stockpiles dropped 1.5 million barrels, or 0.4 %, to 383.1 million in the seven days ended June 8, according to the median of seven analyst estimates before an Energy Department report tomorrow.
Stochastic and the RSI are neutral to bullish signaling that sideways to higher prices are possible near term.
For more information Click Here
Stock Tips, Commodity Tips
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