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WTI Crude futures are currently trading at $63.60-higher by 3.99% as compared to the previous closing price. The contract touched its highest level ($64.05) since 1st May earlier in the session. U.S. crude futures posted a gain of 2.42% in the last week.
Brent crude futures were trading at $69.03-higher by 4.02% as compared to the previous closing price. The contract earlier jumped to $69.45 a barrel, its highest since 17th September.
Crude prices surged today after U.S. air strikes on Baghdad killed a senior Iranian military official, raising concerns that rising Middle East tensions may disrupt oil supplies.
An air strike by the U.S. at the Baghdad Airport early on Friday killed Iran’s top commander General Qassim Soleimani.
Iran’s Supreme Leader Ayatollah Ali Khamenei said harsh revenge awaited criminals who killed the senior Iranian military official.
Belarus today also said that Russia had stopped oil supplies to its refineries.
Crude prices were also lifted by China’s central bank announcing on Wednesday that it was lowering the amount of cash that banks must hold in reserve.
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 (27th December) that the U.S. energy firms last week decreased the number of rigs looking for new oil by 8 to 677 for the week ended 27th December.
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 fell by 7.800 million barrels for the week ended December 27. Inventory data from the EIA will be released today at 11 a.m. ET. The EIA is expected to report a drop of 3.288 million barrels in US crude inventories for the week ended 27th December.
On the technical front, the RSI is currently at 75.74% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band 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 63.45 Take Profit At 64.09 Stop Loss At 63.13