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WTI Crude futures are currently trading at $54.23-higher by 0.74% as compared to the previous closing. Crude prices edged lower earlier today, echoing a weaker tone on global share markets after evidence that economic growth in China, the world’s second-largest crude consumer, eased in 2018.
Brent crude futures were trading at $63.00-higher by 0.65% as compared to the previous closing.
China’s 2018 economic growth slowed to the weakest in 28 years, data reported, at 6.6% versus 6.8% in 2017.
A separate report from China’s National Bureau of Statistics today indicated that crude oil refinery throughput in 2018 rose to a record 12.1 million barrels per day, up 6.8% from the previous year.
Energy services firm Baker Hughes said on Friday that energy companies cut the number of rigs drilling for oil by 21 in the week ended 18th Jan. taking the count down to 852. It was the lowest oil rig count since May 2018. Also, it was the biggest decline since February 2016, as drillers reacted to the 40% fall in U.S. crude prices late last year.
However, U.S. crude oil production rose by more than 2 million bpd in 2018, to a record 11.9 million bpd.
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 18th January on Wednesday. Previously, the API reported that U.S. crude supplies fell by 0.560 million barrels for the week ended January 11. The EIA will report US crude inventories for the week ended 18th January on Thursday. Previously, the EIA reported that U.S. crude inventories fell by 2.683 million barrels for the week ended January 11.
On the technical front, the RSI is currently at 67.02% and suggests that the market can continue trading sideways. The current price is above the MA5 (53.43). 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 54.05 Take Profit At 54.75 Stop Loss At 53.75