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WTI Crude futures are currently trading at $57.75-lower by 0.72% as compared to the previous closing price. The contract posted a loss of 0.37% in the last week.
Brent crude futures were trading at $64.08-lower by 0.59% as compared to the previous closing price. The contract declined by about 0.2% in the last week.
Crude prices slipped today as the IEA forecast a market surplus in the first half, helping reduce concerns about disruptions that have slashed Libya’s oil output.
The IEA Executive Director said on Tuesday that a surplus of one million bpd of oil is expected to keep a cap on prices in the first half of this year.
Libya’s National Oil Corp early this week declared force majeure on the loading of oil from two major oilfields.
The U.S. Energy Information Administration said on Tuesday that U.S crude production in large shale deposits expected to jump to record highs in February. The pace of rising, however, is likely to be the lowest in around a year.
A Reuters poll showed that U.S. crude stockpiles are likely to have declined for a second week last week.
The U.S. CFTC said on Friday that Money managers decreased their net long U.S. crude futures and options position in the week to 14th January by 64,018 contracts to 267,537.
The U.S. energy services firm Baker Hughes said in its report on Friday (17th January) that the U.S. energy firms last week increased the number of rigs looking for new oil by 14 to 673 for the week ended 17th January. The oil rig count increased this week for the first week in four 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 17th January later today. Previously, the API reported that U.S. crude supplies gained by 1.1 million barrels for the week ended January 10. The EIA will report US crude inventories for the week ended January 17 on Thursday. Previously, the EIA reported that U.S. crude inventories fell by 2.549 million barrels for the week ended January 10.
On the technical front, the RSI is currently at 38.10% 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 57. 88 Take Profit At 57.22 Stop Loss At 58.21