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WTI Crude futures are currently trading at $56.20-lower by 1.39% as compared to the previous closing price.
Brent crude futures were trading at $61.34-lower by 1.57% as compared to the previous closing price. The contract was set for a weekly decline of 0.5%.
Crude prices fell today due to rising uncertainty about whether, and when China and the U.S will sign the long-awaited phase one trade deal.
Oil prices were also weighed down by a rise in U.S. crude oil inventories.
The Keystone oil pipeline which was in news for the largest leak of the decade in North Dakota last week has been transporting oil at a higher-than-standard level of pressure. This special permit was granted by U.S regulators on the condition that TC Energy Corp. would monitor its operations with more than 50 safety conditions.
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 Chinese commerce ministry said on Thursday that Washington and Beijing have agreed to cancel in Phases tariffs imposed during their months-long trade dispute.
Crude prices have also been under pressure since the OPEC Secretary-General said on Tuesday that he was more optimistic about the outlook for the next year, appearing to downplay any need to lower output more deeply.
The OPEC+ producer group will meet on December 5-6 to review the policy which limits supplies until March 2020.
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 (1st November) that the U.S. energy firms last week decreased the number of rigs looking for new oil by 5 to 691 for the week ended 1st November.
Adding to supply-side data, reports which are published by the API and the EIA every week, the API reported on Tuesday that U.S. crude supplies advanced by 4.26 million barrels for the week ended November 01. The EIA reported on Wednesday (6th November) that U.S. crude inventories rose by 7.929 million barrels for the week ended November 01.
On the technical front, the RSI is currently at 55.21% 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 56.28 Take Profit At 55.60 Stop Loss At 56.62