Oil price went higher on Wednesday, closed above $51 per barrel and it was for the first time since July last year. US official report showed that US crude oil stock fell in three consecutive weeks. Meanwhile, supply disruption continues, especially because of sabotage on oil facility in Nigeria.
Energy Information Administration reported that US crude oil supply fell as much as 3.23 million barrels last week, in line with analysts’ projection.
Meanwhile, separatist militant group called Niger Delta Avengers was reported had blown up an oil well owned by Chevron in Nigeria. The separatist group also refused negotiation with Nigerian government.
Nigeria is one of the biggest oil producers in Nigeria and the chaos had pushed down Nigeria’s oil production to the lowest level in two decades.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.