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WTI ON COURSE FOR A WEEKLY DROP AFTER VIRUS TURMOIL -

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    • WTI ON COURSE FOR A WEEKLY DROP AFTER VIRUS TURMOIL
24-Apr
22:16 IST

WTI Crude futures are currently trading at $16.76-lower by 0.12% as compared to the previous closing price. US crude futures have advanced 20% on Thursday. The contract was set for a weekly loss of 6.35%.

Brent crude futures were trading at $24.85-higher by 14.78% as compared to the previous closing price. The international benchmark was also on track to decline 23.58% over the week.

Crude prices were set for a weekly loss today as production shutdowns failed to keep pace with the decline in demand due to the China-linked virus crisis. Oil prices were on track for their third consecutive weekly loss on Friday.

The oil market saw unprecedented turbulence since US crude futures for May delivery plunged into negative territory for the first time ever earlier this week.

The OPEC and other oil-producing nations agreed to lower supply by 9.7 million barrels per day earlier this month. The deal should come into effect from the next month.

According to market sources, the OPEC producer would start lowering production to international markets without waiting for the official start of the deal.

The OPEC and its allies in March failed to reach an agreement to cut oil production to support prices.

The OPEC and its allies have been implementing supply cuts of 1.2 million BPD since January last year.

The US House of Representatives on Thursday approved a $484 billion virus relief bill, providing support to hospitals and small businesses.

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 (17th April) that the U.S. energy firms decreased the number of rigs looking for new oil by 66 to 438 for the week ended 17th April.

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 rose by 13.226 million barrels for the week ended April 17. The EIA reported on Wednesday that U.S. crude inventories advanced by 15.022 million barrels for the week ended April 17.

On the technical front, the RSI is currently at 40.7% and suggests that the market can move in the downward direction. The current price is above 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 16.95 Take Profit At 16.25 Stop Loss At 17.30

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