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WTI Crude futures are currently trading at $53.07-lower by 1.32% as compared to the previous closing price. The contract posted a loss of 1.57% in the last week.
Brent crude futures were trading at $58.53-lower by 1.29% as compared to the previous closing price. The contract fell by 1.8% last week.
Crude prices dropped today amid growing signs of harm from the Sino-U.S. trade dispute that has slowed global economic growth and weakened demand for crude.
The U.S. commerce secretary said today that an initial trade deal with China does not need to be finalized in November.
The OPEC+ group agreed in December last year to cut supply by 1.2 million bpd from the start of 2019.
Russia said on the weekend that it did not meet the agreed production cut in the last month due to a rise in natural gas condensate output as the country prepared for winter.
The U.S. CFTC said on Friday that Money managers reduced their combined futures and options position in London and New York in the week to 15th October by 11,377 contracts to 102,974.
The U.S. energy services firm Baker Hughes said in its report on Friday that the U.S. energy firms last week increased the number of rigs looking for new oil by 1 to 713 for the week ended 18th October. Energy firms increased the number of oil rigs operating for the second time in nine weeks.
Adding to supply-side data, reports which are published by the API and the EIA every week, the API is scheduled to report U.S. crude supplies for the week ended 18th October on Tuesday. Previously, the API reported that U.S. crude supplies rose by 10.500 million barrels for the week ended October 11. The EIA will report US crude inventories for the week ended October 18 on Wednesday. Previously, the EIA reported that U.S. crude inventories advanced by 9.281 million barrels for the week ended October 11.
On the technical front, the RSI is currently at 42.55% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion-Limit Sell At 53.22 Take Profit At 52.53 Stop Loss At 53.57