BRENT: production in the US will continue to fall

By | September 21, 2015

Brent oil prices trying to return to growth after a Friday night there were another decline in the number of drilling rigs operating in the US. Oilfield services company Baker Hughes in his traditional weekly report noted the reduction in the number of drilling rigs operating in the 8 units to 644 units. According to the results of the previous two weeks, the work was stopped 23 units.

Once prices fell to near $ 40 in August, the volume of drilling in the US again began actively to fall and have recorded a massive drop in production. According to recent data from the Energy Information Agency (EIA), oil production in the US decreased by 500 thousand barrels per day to 9.1 million from mid-June to mid-August.

The November contract found support in 47.15 and now steadily growing. If they can overcome the technically important resistance level 48.50, they can not believe the strength of the region of 50.00.

brent chart
Brent chart
Trading analytics
Brent (BRN)   –   buy oil   –   Entry price: 48,30. Goal: 50,30. Stop loss: 47,10.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.

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