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WTI Crude futures are currently trading at $52.18-higher by 3.63% as compared to the previous closing. Brent crude futures were trading at $61.05-higher by 3.14% at the time of writing. Both contracts hit 13-month lows on Friday.
Crude prices rose on Monday, recovering some of the previous session’s near-7% fall, although uncertainty over global economic growth limited the gains.
In November alone, hedge funds have pulled more than $12 billion out of the oil market, based on a record drop in net long holdings of Brent and U.S. crude futures and options against the average oil price for the month.
A rising dollar that has undercut demand in key emerging market economies, higher borrowing costs and the threat to global growth from the trade dispute between the US and China have pushed investors out of assets more closely aligned with the global economy, such as oil or stocks.
OPEC ministers meet on Dec. 6 in Vienna to decide on production policy for the next six months amid a growing surplus in world markets.
In a related report that is published by the API every week, the API is scheduled to report U.S. crude supplies for the week ended 23rd Nov. on Tuesday. The API is expected to report a rise of 3.2 million barrels in US crude supplies. Previously, the API reported that U.S. crude supplies fell by 1.545 million barrels for the week ended Nov. 16.
The EIA will report US crude inventories for the week ended 23rd Nov. on Wednesday. The market expects that the EIA will report a 2.5 M barrel rise in US crude inventories for the week. Previously, the EIA reported that U.S. crude inventories rose by 4.85 million barrels for the week ended Nov. 16.
On the technical front, the RSI is currently at 25.94% and suggests that the market can move in the upward direction. The current Price is below the middle line of the Bollinger bands but is heading upwards. The current price is around the MA5.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
Trade Suggestion-Limit Buy At 51.95, Take Profit At 52.65 Stop Loss At 51.50