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WTI Crude futures are currently trading at $52.87-lower by 1.55% as compared to the previous closing price. The contract, however, was set for a weekly gain of more than 1%.
Brent crude futures were trading at $58.23-lower by 1.32% as compared to the previous closing price.
Crude prices dropped today as an increase in new cases of the pneumonia-causing virus and lower-than-expected Asian economic data aroused uncertainty about the economic outlook and as major producers showed no hurry to lower output.
Crude prices gained on Thursday after a smaller-than-expected increase in US crude stockpiles.
A G20 meeting of finance ministers is scheduled to be held on February 22 and 23, in Riyadh to discuss risks to the global economy.
China today disclosed a rise in new cases of the pneumonia-causing virus, with more than 200 people testing positive in two prisons.
Data released earlier today showed that Japanese factory activity suffered its steepest contraction in seven years in February.
The Russian Energy Minister said on Thursday that crude producers believe that it would no longer make sense for the OPEC+ group to meet before their scheduled gathering.
The OPEC and its allies have been implementing supply cuts of 1.2 million bpd since January last year.
Crude prices were also weighed down by a rise in the U.S. dollar.
U.S. Baker Hughes Oil Rig Count for the current week is scheduled to be released later today at 1 pm ET. The U.S. energy services firm Baker Hughes said in its report on last Friday (14th February) that the U.S. energy firms last week increased the number of rigs looking for new oil by 2 to 678 for the week ended 14th February. US energy firms last week added oil rigs for a second consecutive week.
Adding to supply-side data, reports which are published by the API and the EIA every week, the API reported on Wednesday that U.S. crude supplies advanced by 4.200 million barrels for the week ended February 14. The EIA reported on Thursday (20th February) that U.S. crude inventories rose by 0.414 million barrels for the week ended February 14.
On the technical front, the RSI is currently at 48.67% 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 52.98 Take Profit At 52.30 Stop Loss At 53.32