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WTI Crude futures are currently trading at $53.33-lower by 2.41% as compared to the previous closing price. The contract, however, posted a gain of 3.41% in the last week. It was its first weekly increase in three weeks.
Brent crude futures were trading at $59.09-lower by 2.31% as compared to the previous closing price. The contract, however, rose 3.7% last week.
Crude prices dropped today as scant details on the first phase of a trade deal between Washington and Beijing undercut last week’s optimism over the thaw that helped to lift oil markets.
Washington and Beijing reached the first phase of a substantial trade deal on Friday that delays tariff hikes that were set to take effect on 15th October. But officials of both countries said much more work was needed before an accord could be agreed.
WTI rose on Friday (11th Oct) after the U.S. said it was deploying more troops to Saudi Arabia, and after Iran’s oil tanker was attacked in the red sea.
Fears that further escalation along the Syrian and the Turkish border could affect exports from Iraq also provided support to crude prices.
The U.S. CFTC said on Friday that Money managers reduced their net long U.S. crude futures and options in the week to 8th October by 33,738 contracts to 114,352.
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 2 to 712 for the week ended 11th October. Energy firms increased the number of oil rigs operating for the first time in eight 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 11th October on Wednesday. Previously, the API reported that U.S. crude supplies rose by 4.100 million barrels for the week ended October 04. The EIA will report US crude inventories for the week ended October 11 on Wednesday. Previously, the EIA reported that U.S. crude inventories advanced by 1.413 million barrels for the week ended October 04.
On the technical front, the RSI is currently at 42.41% 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 53.45 Take Profit At 52.75 Stop Loss At 53.80