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WTI Crude futures are currently trading at $56.59-higher by 0.79% as compared to the previous closing price. The contract price rose today, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity.
Brent crude futures were trading at $66.34-higher by 0.85% as compared to the previous closing.
Energy Minister Falih said on Sunday that it would be too early to change a production curb pact agreed by the OPEC and allies including Russia before the group’s meeting in June.
The group is scheduled to meet on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy.
Prices were also buoyed by U.S. energy services firm Baker Hughes’ latest weekly report. 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 nine to a total of 834.
The International Energy Agency, however, predicted a rise in U.S. production, which would see its exports exceed Russia’s and near Saudi Arabia’s by 2024.
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 8th March on Tuesday. Previously, the API reported that U.S. crude supplies rose by 7.290 million barrels for the week ended March 1. The EIA will report US crude inventories for the week ended March 8 on Wednesday. Previously, the EIA reported that U.S. crude inventories rose by 7.069 million barrels for the week ended March 1.
On the technical front, the RSI is currently at 56.71% and suggests that the market can move in the upward direction. The current price is above the MA5. 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 56.50 Take Profit At 57.20 Stop Loss At 56.15