Oil prices trimmed losses on Thursday, after data from the U.S. Energy Information Administration showed that domestic crude stockpiles fell more than expected last week.
U.S. West Texas Intermediate (WTI) crude futures were down 92 cents, or around 1.77% at $50.38 a barrel by 11:05 a.m. ET (15:05 GMT), off Wednesday’s more than one-week highs of $51.41. Prices were at around $50.27 prior to the release of the inventory data.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S. lost 82 cents or about 1.44% to $56.12 a barrel.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.75 million barrels in the week ended October 6.
Market analysts’ expected a decline of around 1.99 million barrels, while the American Petroleum Institute late Wednesday reported an unexpected supply-increase of 3.1 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 1.32 million barrels last week, the EIA said.
The report also showed that gasoline inventories rose by 2.5 million barrels, compared to expectations for a decline of 480,000 barrels. For distillate inventories including diesel, the EIA reported a fall of 1,5 million barrels.
The commodity had strengthened earlier in the week, after Saudi Arabia announced plans on Monday to cut monthly exports in November.
The move is part of ongoing efforts led by the Organization of the Petroleum Exporting Countries with other producers, including Russia, to curb oversupply and stabilize prices by cutting output in a deal which is due to expire in March 2018.
In its monthly report released on Wednesday, OPEC indicated that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.
The International Energy Agency said in its own monthly report on Thursday that global supply and demand for crude oil will be largely balanced next year.
Separately, U.S. President Donald Trump was expected Thursday to announce a de-certification of the 2015 nuclear deal with Iran, putting its future into question. The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere, gasoline futures were down 1.38% at $1.585 a gallon, while natural gas futures advanced 3.32% to $2.986 per million British thermal units.

WE HAVE CREATED A TELEGRAM CHANNEL AND YOU CAN JOIN OUR CHANNEL TO GET THE LATEST UPDATES: https://t.me/FxtersTraders

TO GET MORE BENEFITS

SIGN UP PREMIUM PACKAGES

OUR

JOIN OUR DAY TRADING TELEGRAM CHANNEL BY DONATING 25.- USD ( MONTHLY ). DONATE AND SEND US AN EMAIL YOU WILL BE ADDED TO CHANNEL. AND YOU WILL BE ADDED TO OUR BILLION DOLLARS PROJECT AS WELL.

DONATE & JOIN 

Warning: All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases.

If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

WARNING ABOUT TRADE IDEAS

  1. We enter trades on different pairs and we look for other trade opportunities. So we recommend you to enter trades with the smaller size.
  2. Do not exceed 10% margin.
  3. Stop Loss and Take Profit Levels are +/- 15 pips minimum.
  4. If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.
  5. Some trades ( especially with 300-500 pips profit target) can take 5-6 days to hit the targets. If you do not have patience, do not enter the trade.
  6. Our aim is to close each with week 2500-3000 pips profit minimum.
  7. If we mention as “pullbacks are buying/selling “ opportunities and we publish pullback levels, you do not need to wait for a signal from us. Use these opportunities at the mentioned levels.
  8. All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases. If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.
Follow us to get the latest updates
 
 
Summary
You May Like This

LEAVE A REPLY

Please enter your comment!
Please enter your name here