Oil prices fall as a result of the expectation of increasing the offer

Oil prices tend to break a wave of rise that lasted five sessions, after the most important technical indicators showed that the profits paid for the now global rough markets exceeded the limit. Brent -Ru oil fell 0.2% by March to $ 76.33, while West Texas Raw fell by more than 0.5% to less than $ 74, which earned previous profits, after futures could not enter the psychological level at $ 75. The immediate difference in the Western Texas is described from the highest level in about three months to 65 cents, which is an indication of evaporating the confidence of traders that demand exceeds supply. The relative strength index also showed that prices were at the peak purchase level, a lecture indicating that rough prices were about to fall. Many factors are pressure on optimism that prevailed in the market, including the expectations of the abundance of supply, especially with the approaching “OPEC+” coalition to restore some stop production to the market, and China’s dull demand is the largest importer of RU. John Bern, an analyst at strategas, said the basics of the market “improved enough for rough prices to find land, but not enough to support a permanent rise in prices.” He added that “the $ 75 price is now the ceiling, with opportunities in the short term.” The supplies of Iran and Russia have reduced oil prices earlier since October, after the Kingdom of Saudi Arabia raised oil prices for Asian clients, an indication of confidence in the demand for RU. This comes after rising prices rose in Oman and Dubai at the end of last year, due to the decline in supplies of Iran and Russia. In the broader markets, the US dollar fell after the Washington Post reported that President -pruned Donald Trump would limit his plans for customs tariffs. Since then, the dollar has been instead of some losses, after Trump has been denied in a publication on the media, the report has been valid. The dollar twice the basic commodities in the currency makes the currency more attractive. Last week, rough prices came out of their narrow circulation, with US supplies falling sixth in a row, while shares in the Cocheng Biofuels Center, Oklahoma, remained at the lowest seasonal level in 17 years.