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WTI Crude futures are currently trading at $75.08-lower by 0.5% as compared to the previous closing. The contract hit a four-year high of $75.91 earlier in the session. WTI prices have been rising in recent sessions as markets braced for tighter supply once U.S. sanctions against Iran kick in- 4th November.
Brent crude futures were trading at $84.67-lower by about 0.2% at the time of writing. The contract touched a new session peak of $85.45- the highest since November 2014 on Monday.
Meanwhile, Iran’s oil minister reiterated on Tuesday that U.S. President Donald Trump was responsible for rising oil prices, and warned that the only way to bring balance to the market was to suspend sanctions on Tehran.
The API is scheduled to report U.S. crude supplies for the week ended Sept. 28 on Tuesday at 4:30 pm ET. The API is expected to report a drop of 0.1 million barrels in US crude supplies. Previously, the API reported that U.S. crude supplies rose by 2.9 million barrels for the week ended Sept. 21.
A U.S. Senate subcommittee on Wednesday will hear testimony on the NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action. The bill would change U.S. antitrust law to allow OPEC producers to be sued for collusion. The bill would make it illegal to restrain oil production or set those prices – removing sovereign immunity that U.S. courts have ruled exists under current law.
On the technical front, the RSI is currently at 71.92% and suggests that the market can move in the downward direction. The %K has crossed the % D from above to the downside at 94.73%, and this suggests that the market may head downwards. The current price is above the middle line of the Bollinger bands but-is heading downwards.
According to technical indicators, the market currently seems to be in the overbought zone and a reversal may be expected. However, this is a risky trade and can be attempted with strict Stop Loss and Profit targets.
Trade Suggestion-Limit Sell At 75.25, Take Profit At 74.85 Stop Loss At 75.45