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WTI Crude futures are currently trading at $54.83- higher by 1.14% as compared to the previous closing price. The contract last week posted a weekly loss of 1.7%.
Brent crude futures were trading at $58.55-higher by 0.67% as compared to the previous closing price. The contract declined by more than 5% last week.
Crude prices were almost flat today as expectations that major producers would continue to decrease global supplies faced worries about slow oil demand growth due to the Sino-U.S. trade tensions.
Kuwait’s oil minister said on Monday that the country was fully committed to the OPEC+ agreement. The Oil minister also said that the country has lowered its output by more than required by the OPEC+ agreement.
The IEA said on Friday (August 09) that increasing signs of an economic slowdown had caused global oil demand to grow at slowest level since 2008. A weakening dollar also supported crude prices as traders feared the trade dispute would slow U.S. economic growth.
U.S. Commodity Futures Trading Commission said on Friday that hedge funds increased their net long position in U.S. crude futures and options in the week to 6th August.
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 6 to 764 for the week ended 9th August. Energy firms decreased the number of oil rigs for the sixth time in a row.
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 9th August on Tuesday. Previously, the API reported that U.S. crude supplies dropped by 3.400 million barrels for the week ended 2nd August. The EIA will report US crude inventories for the week ended August 09 on Wednesday. Previously, the EIA reported that U.S. crude inventories fell by 2.385 million barrels for the week ended August 02.
On the technical front, the RSI is currently at 46.19% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger bands but 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 54.60 Take Profit At 55.30 Stop Loss At 54.25