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WTI RISES DESPITE WEAK CHINA DATA -

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    • WTI RISES DESPITE WEAK CHINA DATA
17-Apr
22:23 IST

WTI Crude futures are currently trading at $25.15-higher by 28.06% as compared to the previous closing price. The contract was set for a weekly loss of 19.99%.

Brent crude futures were trading at $28.52-higher by 0.77% as compared to the previous closing price. The international benchmark was also on track to decline 9.28% over the week.

Crude prices were mixed today as China’s weaker-than-expected first-quarter GDP data offset the US president’s plans to re-open the US economy.

The Chinese GDP data for the first quarter was released on Friday. The YoY rate of change in the GDP was -6.8%. The GDP growth was below the market expectation of a fall of 6.5%.

China’s daily oil throughput in the last month fell to a 15-month low as state refiners maintained deep production cuts.

Market participants pinned their hopes on the US plans to ease lockdown measures after the US President laid out new guidelines for the state to emerge from virus-related shutdowns in a 3-stage approach.

The OPEC and other oil-producing nations agreed to lower supply by 9.7 million barrels per day last weekend.

The OPEC and its allies in March failed to reach an agreement to cut oil production to support prices.

The OPEC and its allies have been implementing supply cuts of 1.2 million BPD since January last year.

Earlier in the session, crude prices found some support after news on signs of success in a coronavirus treatment drug trial

U.S. Baker Hughes Oil Rig Count for the current week is scheduled to be released later today at 1 pm ET. The U.S. energy services firm Baker Hughes said in its report on last Thursday (9th April) that the U.S. energy firms decreased the number of rigs looking for new oil by 58 to 504 for the week ended 9th April.

Adding to supply-side data, reports which are published by the API and the EIA every week, the API reported on Tuesday that U.S. crude supplies rose by 13.143 million barrels for the week ended April 10. The EIA reported on Wednesday that U.S. crude inventories advanced by 19.248 million barrels for the week ended April 10.

On the technical front, the RSI is currently at 48.3% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

Trade Suggestion-Limit Sell At 25.30 Take Profit At 24.60 Stop Loss At 25.65

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