yesterday settled down by -2.16% at 7885 as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Iraq exported a total of 101.4 million barrels of oil in April, raising revenues of $10.55 billion, the oil ministry said in a statement. Over the month, exports averaged 3.4 million barrels per day, it added.
Libya's National Oil Corporation (NOC) announced the "temporary" lifting of force majeure and resumption of operations at the Zueitina oil terminal in order to reduce stock and free up storage capacity. The state oil company had warned of "imminent environmental disaster" at the facility unless tanks were emptied, after last week declaring force majeure due to a political standoff.
A missile attack targeted an oil refinery in Iraq's northern city of Erbil causing a fire in one of its main tanks that were later brought under control, the Iraqi security forces said in a statement. A missile also landed in the outer fence of the refinery without causing any casualties, the statement added. The anti-terrorism authorities in the Kurdistan region said six missiles landed near the KAR refinery in Erbil, adding they were launched from Nineveh province.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -25.66% to settle at 4220 while prices are down -174 rupees, now Crude oil is getting support at 7803 and below same could see a test of 7722 levels, and resistance is now likely to be seen at 8012, a move above could see prices testing 8140.
# Crude oil trading range for the day is 7722-8140.
# Crude oil slipped amid concerns about the demand outlook due to prolonged COVID lockdowns in China
# Iraq oil exports reach 101 mln barrels in April – ministry
# Libya's NOC temporarily lifts force majeure at Zoueitina oil terminal
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.