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WTI Crude futures are currently trading at $55.19-lower by 1.13% as compared to the previous closing price. The contract posted a loss of 4.34% in the last week. It was its biggest loss since mid-June.
Brent crude futures were trading at $60.44-lower by 0.92% as compared to the previous closing price. The contract fell 3.7% last week.
Crude prices dropped today as China’s economic outlook remained weak and the continuing trade dispute with the U.S. weighed on demand growth for the world’s largest oil importer.
China warned today of instability in international markets from any decoupling of China and the U.S. It came after news in the last week that U.S. President’s administration was considering delisting Chinese companies from U.S. stock exchanges.
Meanwhile, according to market sources, Saudi Arabia has restored capacity to 11.3 million bpd after an attack on the country’s processing facilities on 14th September.
The U.S. CFTC said on Friday (27th September) that Money managers reduced their net long U.S. crude futures in the week to 24th September.
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 6 to 713 for the week ended 27th September. The oil rig count dropped for the sixth 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 27th September on Tuesday. Previously, the API reported that U.S. crude supplies gained by 1.400 million barrels for the week ended September 20. The EIA will report US crude inventories for the week ended September 27 on Wednesday. Previously, the EIA reported that U.S. crude inventories rose by 2.412 million barrels for the week ended September 20.
On the technical front, the RSI is currently at 43.03% 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 55.30 Take Profit At 54.60 Stop Loss At 55.64