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WTI Crude futures are currently trading at $62.86- higher by 2.07% as compared to the previous closing price.
Crude oil prices gained today on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors were anxious over global economic growth prospects amid a standoff in the U.S-China trade talks.
Brent crude futures were trading at $72.07-higher by 1.98% as compared to the previous closing.
Saudi Arabia said earlier today that two Saudi oil tankers were among vessels attacked off the UAE coast.
The United Arab Emirates said on Sunday that four commercial vessels were attacked near Fujairah, one of the world’s biggest bunkering hubs.
Markets have been supported by the U.S. bid to cut Iranian oil exports to zero and ease exports from Venezuela.
Meanwhile, increasing Sino-U.S trade tensions keep a lid on crude prices. Data from the IEA showed that China and the U.S. together accounted for 34% of global oil consumption in the first quarter of this year.
U.S. government data showed on Friday that trade concerns have prompted hedge funds to reduce their bullish wagers on WTI crude to the lowest level in a month. The hedge funds also increased their bets on Brent crude to the highest in about seven months.
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 2 to 805 for the week ended 10th May. It was the third time in the last four weeks that companies have reduced the number of oil rigs.
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 10th May on Tuesday. Previously, the API reported that U.S. crude supplies rose by 2.806 million barrels for the week ended May 03. The EIA will report US crude inventories for the week ended May 10 on Wednesday. Previously, the EIA reported that U.S. crude inventories fell by 3.963 million barrels for the week ended May 03.
On the technical front, the RSI is currently at 52.90% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 27% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
Trade Suggestion-Limit Buy At 62.80 Take Profit At 63.40 Stop Loss At 62.50