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Oil rises with shrinking the gap between supply and demand in the US fuel market
Date: 10/14/2016 10:37
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Information / Baghdad ..
Oil prices rose Friday, supported by shrinking the gap between supply and demand in the fuel market in the United States at a time when technical indicators traders in financial markets encouraged buying but uncertainty surrounding the feasibility of a planned reduction in production continues to put pressure on the markets.
It was the global futures trading for crude measurement Brent crude on the international market at a price of $ 52.18 a barrel at 0643 GMT, up 15 cents from the previous close, or the equivalent of 0.29 percent after it fell in early trade.
And after falling US crude West Texas Intermediate below $ 50 a barrel on Thursday, it was trading at $ 50.78 a barrel, up 34 cents, or about 0.67 percent compared with the previous close.
Traders said the rise in crude price of US resulted in shrinking the gap between supply and demand in the fuel market.
And it announced the US Energy Information Administration on Thursday reduced output volumes distillation by 3.7 million barrels.These include diesel and heating oil outputs, while gasoline volumes declined by 1.9 million barrels.
However, US crude stocks rose for the first time in six weeks by 4.9 million barrels in the week ending on the seventh of October to 474 million barrels.
Outside the United States, traders said Brent crude oil prices received support from technical indicators attracted investment from traders in the financial market. Finished / 25 p.
http://almaalomah.info/2016/10/14/economic/94808
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