Oil price near stability

Future oil contracts operate close to stability, but with declining bias, this Thursday, after two sessions of strong earnings this week.

The Brent-like barrel due in May, traded at Intercontinental Exchange (ICE) fell 0.22%, to US $69.32. WTI Oil, traded in the New York Mercantile Exchange (Nymex), receded 0.17%, to US $65.06.

After receiving strong momentum yesterday, when the U.S. Department of Energy's oil stocks (DoE) would counter expectations and have plummeted considerably, oil passes today for mild profit making.

Stocks fell 2.6 million barrels in the week closed on March 16th, according to Doe. The expectation was that they had risen 2.4 million. "The data published yesterday were very bullish," said Giovanni Staunovo, an analyst at UBS Wealth Management. "Maybe it was just a shot and there's a bit of profit making."

"Geopolitical tensions are also thickening the high trend, with rumors that the US are close to putting sanctions on the oil industry of Venezuela," according to the JBC Energy consultancy, adding that there is also no clarity about what can Happen to the Iran nuclear agreement. Source: This is money.

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