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WTI Crude futures are currently trading at $60.19-higher by 9.23% as compared to the previous closing price. The contract rose as much as 15.5% to $63.19, the biggest intraday jump since 22nd June 1998 earlier in the session. WTI futures, however, posted a loss of 2.8% in the last week.
Brent crude futures were trading at $66.64-higher by 10.14% as compared to the previous closing price. The international benchmark climbed as much as 19.5% to $71.95, the biggest intraday percentage gain since 14th January 1991. The contract lost 1.8% last week.
Crude prices surged today after an attack on Saudi Arabian oil facilities on the weekend (14th Sept) shut about 5% of global supply. Oil prices, however, pared earlier gains after the U.S. President approved the use of his country’s emergency oil stockpile to ensure a stable supply. President Trump also said that he was ready to respond to the strike.
The threat of retaliation, however, has kept prices high, irrespective of any relief from global stockpiles.
The attack on state-owned producer Saudi Aramco’s crude-processing facilities reduce output by 5.7 million barrels per day.
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 5 to 733 for the week ended 13th September. The oil rig count dropped for the fourth straight week.
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 13th September on Tuesday. Previously, the API reported that U.S. crude supplies fell by 7.200 million barrels for the week ended September 06. The EIA will report US crude inventories for the week ended September 13 on Wednesday. Previously, the EIA reported that U.S. crude inventories dropped by 6.912 million barrels for the week ended September 06.
On the technical front, the RSI is currently at 64.53% 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 60.00 Take Profit At 60.70 Stop Loss At 59.65