FxGrow Daily Technical Analysis – 12th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories


Crude Oil managed to add $2.36 bp since Monday and clocked $45.99 bp high supported by the U.S. Energy Information Administration report on Tuesday as it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook, but remaining at record. Also, reports by Reuters mentioned that Saudi Arabia is due to decrease their oil exports to the lowest record during August.

On the other hand, other fundamentals such as Libya and Nigeria (Non OPEC) extended their oil production output, keeps market overloaded (glut) and oil rising prices at slower pace.

Add to that, Iran's oil output will rise to ...

Yesterday, Qatar signed a contract with Total French Company to develop Shahine field with $3.5B and could see oil production at 300,000 bp day.

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