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WTI Crude Climb Ahead Of OPEC Meeting With U.S. – Outlook Positive - Capital Street FX
WTI Crude Climb Ahead Of OPEC Meeting With U.S. – Outlook Positive
Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut.
International benchmark Brent crude was up 44 cents, or 0.68 percent, at $64.81 a barrel by 0135 GMT.
U.S. West Texas Intermediate (WTI) crude rose 41 cents, or 0.67 percent, to $61.66 per barrel.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERA Week, the largest energy industry conference begins on Monday.
U.S. crude oil production has already risen past that of top exporter Saudi Arabia, to 10.28 million barrels per day (bpd).
Only Russia pumps slightly more, but the International Energy Agency (IEA) said last week it expects the United States to take Russia’s seat as the world’s biggest crude oil producer by 2019, at the latest.
On the technical charts, WTI crude is trading in the positive zone above the 100 day and the 200 day EMA. The market is trading below the 9 day, 20 day and 50 day moving averages. The RSI is at 47.21 and the MACD is ready to make a positive crossover above the signal line.
Buy stop at 61.68, Take profit at 62.23, Stop loss at 61.44