Negotiations of Brent, the benchmark for Angolan oil exports, for delivery in June, opened lower on Wednesday 19th April in the international market, positioning at US$80.82 per barrel, a drop of 0.10 percent.
In previous barrel trading, Crude Oil was likely to find support at $79.91 and resistance at $83.44.
The Dollar Futures Index, which tracks the performance of the US dollar against a basket of six major currencies, gained 0.02 percent to trade at $101.47.
According to analysts, oil prices started this week lower under pressure due to the strengthening of the dollar, while uncertainty grows over the Black Sea grain agreement between Russia and Ukraine.
The futures contract for a barrel of Brent traded on ICE closed with a fall of 1.8 percent yesterday, due to the appreciation of the dollar in the world.
In addition, according to news agencies, there seems to have been progress in the negotiations between the Iraqi Government and the Kurds, which allowed the resumption of the flow of oil to Northern Iraq through the export terminal of Ceyhan, in Turkey.
Oil flows of around 450,000 barrels per day were stopped at the end of March, after the International Chamber of Commerce ruled in favor of the Iraqi Government, which claimed that such oil exports by Turkey were not authorized.
The US Energy Information Administration (EIA) released a report on Monday 17th April that shale oil production in the country should increase by 49,000 barrels per day in May, to 9.33 million barrels per day.
Additionally, the number of wells drilled but not completed (DUCs) in the US was down 10 wells in March to 4,676, the lowest stock of DUCs seen since March 2014.
