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WTI Crude futures are currently trading at $57.31-lower by 0.80% as compared to the previous closing price. The contract posted a gain of 0.75% in the last week.
Brent crude futures were trading at $62.67-lower by 1.03% as compared to the previous closing price. The contract rose 1.3% last week.
Crude prices rose earlier in the session on hopes for a trade deal between Washington and Beijing and expectations that the OPEC would extend supply cuts.
Crude Oil prices rose on Friday(15th Nov.) on comments from U.S. officials that progress was being made on the phase one trade agreement with Beijing, though concerns about rising crude supplies limited gains.
The OPEC said last week it expected demand for its oil to drop in the next year, supporting the view that there is a case for the OPEC+ group to maintain production cuts.
The OPEC+ producer group will meet on December 5-6 to review the policy which limits supplies until March 2020.
The trade dispute between the U.S. and China has slowed economic growth around the world. It also prompted analysts to cut forecasts for crude demand.
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 12th November by 39,995 contracts to 169,386.
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 10 to 674 for the week ended 15th November. Energy firms decreased the number of oil rigs operating for the fourth straight week.
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 15th November on Tuesday. Previously, the API reported that U.S. crude supplies rose by 4.260 million barrels for the week ended November 08. The EIA will report US crude inventories for the week ended November 15 on Wednesday. Previously, the EIA reported that U.S. crude inventories advanced by 2.219 million barrels for the week ended November 08.
On the technical front, the RSI is currently at 57.87% 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 57.40 Take Profit At 56.70 Stop Loss At 57.75