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WTI Crude futures are currently trading at $58.55-lower by 0.78% as compared to the previous closing price. The contract posted a gain of 6.55% in the last week. U.S. crude futures also posted their biggest weekly gain since June in the last week.
Brent crude futures were trading at $63.82-lower by 0.68% as compared to the previous closing price. The contract advanced by about 3% in the last week.
Crude prices dropped today after data showed that Chinese overall exports of goods and services contracted for the fourth consecutive month.
Data released over the weekend showed that China’s s exports in November declined 1.1% from a year earlier. It was below the consensus estimates of a 1% rise.
Meanwhile, crude prices surged on Friday (6th Dec.) after the OPEC and its allies agreed to deepen supply cuts by 500,000 barrels a day in early 2020.
The Chinese Assistant Commerce Minister said earlier today that Beijing hopes an agreement with Washington can be reached as soon as possible.
The U.S. energy services firm Baker Hughes said in its report on Friday that the U.S. energy firms last week decreased the number of rigs looking for new oil by 5 to 663 for the week ended 6th December.
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 6th December on Tuesday. Previously, the API reported that U.S. crude supplies fell by 3.720 million barrels for the week ended November 29. The EIA will report US crude inventories for the week ended December 06 on Wednesday. Previously, the EIA reported that U.S. crude inventories dropped by 4.856 million barrels for the week ended November 29.
On the technical front, the RSI is currently at 57.88% and suggests that the market can move in the 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 58.64 Take Profit At 58.00 Stop Loss At 58.96