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WTI Crude futures are currently trading at $56.43-lower by 0.48% as compared to the previous closing price. The contract posted a gain of 2.36% in the last week.
Brent crude futures were trading at $61.59-lower by 0.66% as compared to the previous closing price. The contract surged 1.3% last week.
Crude prices dropped today as prospects for a Sino-U.S. trade deal faded, weighing on the outlook for the global energy demand and economy.
The U.S. President said on Tuesday that Washington and Beijing were close to finalizing a trade deal. President Trump, however, doesn’t provide a date or venue for the signing ceremony which disappointed market participants.
The Keystone pipeline which carries Canadian oil to refineries in the U.S. has restarted operations following a huge leak two weeks ago.
The OPEC Secretary-General said earlier today that he was still confident that Beijing and Washington would agree to a trade pact.
The OPEC+ producer group will meet on December 5-6 to review the policy which limits supplies until March 2020.
The U.S. energy services firm Baker Hughes said in its report on Friday (8th November) that the U.S. energy firms last week decreased the number of rigs looking for new oil by 7 to 684 for the week ended 8th November.
The U.S. CFTC said on Friday that Money managers boosted their net long U.S. crude futures and options position in the week to 5th November by 22,512 contracts to 138,389.
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 8th November later today at 4:30 p.m. ET. Previously, the API reported that U.S. crude supplies gained by 4.260 million barrels for the week ended November 01. The EIA will report US crude inventories for the week ended November 08 on Thursday. Previously, the EIA reported that U.S. crude inventories rose by 7.929 million barrels for the week ended November 01.
On the technical front, the RSI is currently at 54.52% and suggests that the market can move in a downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but 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 56.52 Take Profit At 55.84 Stop Loss At 56.86