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WTI Crude futures are currently trading at $63.55- higher by 0.04% as compared to the previous closing price. The contract today held above $63 per barrel, buoyed by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.
Crude prices fell on Monday after comments from Russia raised concern the OPEC-led supply-cutting pact may not be renewed.
Brent crude futures were trading at $71.24-lower by 0.04% as compared to the previous closing.
In Libya, fighting between the Libyan National Army and the internationally-recognized government has raised the prospect of lower supplies from the country. U.S. sanctions against Iran and Venezuela, are cutting shipments.
Crude prices were supported by production curb pact agreed by the OPEC and allies including Russia to withhold around 1.2 million barrels per day of supply from the start of this year. OPEC is scheduled to meet on June 25-26, to discuss supply policy.
Adding downward pressure were expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts.
The U.S. energy services firm Baker Hughes said in its report on Friday that the U.S. energy firms last week increased the number of rigs looking for new oil by 2 to 833 for the week ended 12th April.
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 12th April later today. Previously, the API reported that U.S. crude supplies rose by 4.091 million barrels for the week ended April 05. The EIA will report US crude inventories for the week ended April 12 on Wednesday. Previously, the EIA reported that U.S. crude inventories rose by 7.029 million barrels for the week ended April 05.
On the technical front, the RSI is currently at 65.06% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion-Limit Buy At 63.40 Take Profit At 64.00 Stop Loss At 63.10