Centrally weakened by oversight, crude moves ahead of US policies
Over
the past few weeks, crude oil is trading in the middle of the ups and
downs. In the international market, crude is trading in the range of 60 to
64 dollars per barrel. Experts say that despite the constant increase in
production in the US, crude prices have not been reduced. The reason for
this is that OPEC and its allies continue to cut the crude production in an effort
to increase prices. At present, the credit sentiment is weak due to
overproduction in the US. Despite this, crude prices are not expected to
fall further. Crude moves ahead on US policies.
Live Commodity Tips |
US Centric will market
says
Kedia Commodity director Ajay Kedia that crude prices will guide the US
now. Crude's shoretage took place in the market by pursuing the decision
of production cut by OPEC countries. But America increased the production
by uprooting this short-stock, thereby stabilizing crude prices. At the
same time, the US is not yet ready to reduce crude production at any
cost. Data in the US has improved, job growth. Due to this, further
demand for crude will be higher there itself. At the same time, America
wants to keep its position even better in the export market.
According to
the International Energy Agency (IEA) at Production Alltime High in
US, global oil supply has increased from 97.9 million barrels per day to
7,00,000 barrels per day last year. Inventory in the US is constantly
increasing. In January, crude stock has increased from 2 million barrels
to 5 million barrels. At the same time, US produced 10.38 million barrels
of crude per day, which is all-time high.
Researchers
Said, “Shells have increased in America. In America, the number of oil
rigs has increased. Last week, American energy companies opened 4 oil
rigs. With this the number of oil rigs increased to 800. Prices
increased slightly due to increase in oil rigs.
In the event of Russia's reversal of the
world's
oil production countries, the US will move to No. 1 in 2019, excluding
Russia. The International Energy Agency said that America's Shell Oil
production is growing rapidly, in the global oil market, it will soon reverse
Russia. It is believed that by next year America will become number one in
crude oil production.
Supported by these facters,
Kedia
says that the US may re-introduce economic restrictions on
Iran. Geopolitical tension will increase in the case of economic
sanctions. Apart from this, tension of crude will also be available in
Saudi Arabia and Iran. At the same time, Anuj Gupta said that due to
financial constraints, crude production in Venezuela has decreased considerably. Compared
to 2005, the production of crude has remained half, which is a supportive for
the oil market. This can lead to sharp decline in supply.
Good data support in China
Commodity
Expert Anuj Gupta said that there is hope for good data from China. China,
Europe and America have big consolidation of crude. Due to demand impulses
in China, crude will get support. However, data in the US is not
good. But American production is increasing the gap between demand and
supply by which crude will get support.
Prices will be between $ 60 to $
68
Energy
Expert Narendra Taneja says that the past few weeks have seen fluctuations in
crude prices. Deficit prices of petrol and diesel are decreasing in crude
prices. But there is pressure on crude prices from the restriction of
sanctions on Iran. At present, crude prices are unlikely to be
low. For the next 6 months, crude will remain in the range of 60 to 68
dollars per barrel.
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