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WTI Crude futures are currently trading at $60.32- higher by 0.18% as compared to the previous closing price. The contract last week posted its largest weekly gain in three weeks on Middle East tensions and fall in U.S. crude oil production.
Brent crude futures were trading at $66.93-higher by 0.21% as compared to the previous closing price.
Crude prices advanced today as China’s retail data and industrial output exceeded market expectations but gains were limited by other data showing the country’s weakest quarterly economic growth in at least 27 years.
Official data also released earlier today showed that Chinese crude oil throughput jumped to a record of 13.07 million bpd in June, up 7.7% from a year earlier.
Iranian leader Hassan Rouhani said on Sunday that Iran was ready to hold negotiations with the United States if Washington drops sanctions and return to the 2015 nuclear deal.
Meanwhile, the IEA said on Friday that rising U.S. oil output will outpace stagnant global demand and lead to a large inventory build around the world in the next nine months.
The U.S. Bureau of Safety and Environmental Enforcement said on Saturday that crude oil production in the U.S.-regulated areas of the Gulf of Mexico has been dropped by 1.3 million bpd due to Tropical storm Barry.
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 4 to 784 for the week ended 12th July. Energy firms decreased the number of oil rigs for the second time in a row.
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 July on Tuesday. Previously, the API reported that U.S. crude supplies dropped by 8.129 million barrels for the week ended July 05. The EIA will report US crude inventories for the week ended July 12 on Wednesday. Previously, the EIA reported that U.S. crude inventories fell by 9.499 million barrels for the week ended July 12.
On the technical front, the RSI is currently at 61.46% and suggests that the market can move in the upward direction. The current price is above the MA20. 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 60.25 Take Profit At 60.70 Stop Loss At 60.03