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Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors.
Before trading, please ensure that you fully understand the risks involved
Trading in financial markets involves significant risk of loss which can exceed deposits and may not be suitable for all investors. Before trading, please ensure that you fully understand the risks involved

Thursday, October 18, 2018

Argaam – Oil falls below $80 amid rising US stockpiles

by Century Financial in Century in News

Argaam – Oil falls below $80 amid rising US...

Oil prices fell over $1 a barrel to below $80 for the first time in a month on Thursday, following an unexpected rise in US inventories.

International benchmark Brent crude futures were last trading down at 91 cents, or 1.1 percent, at $79.14 per barrel, while the US West Texas Intermediate (WTI) crude futures dipped 68 cents, or 1 percent, at $69.11 a barrel.

US commercial crude stocks rose 6.49 million barrels to a 15-week high of 416.44 million barrels in the week ended October 12, according to Energy Information Administration data released on Wednesday.

The jump was attributed to a sharp decline in exports, which fell 30.8 percent to 1.78 million barrels per day in the week, it added.

“Technically, prices have broken the important support level of $71 and are likely to head lower towards $68 – $67 in the short term,” Vijay Valecha, chief market analysis, Century Financial, wrote in a client’s note.

“On the upside prices are likely to face resistance around $70.20 – $70.80,” he noted.

Source: Argaam.

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