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WTI Crude futures are currently trading at $53.87- higher by 1.16% as compared to the previous closing price. The contract recorded its biggest monthly loss in May in six months after the U.S. President stoked global trade tensions by threatening tariffs on Mexico, a major supplier of crude oil. US crude futures posted a 16% slide in May.
Brent crude futures were trading at $62.06-higher by 0.69% as compared to the previous closing.
Crude prices rose today after reassurances over production from top oil exporter Saudi Arabia.
Saudi Arabia indicated that the group of oil producers along with Russia would continue managing global crude oil supplies to avoid a surplus. Energy minister Khalid al-Falih said that the group will do whatever is needed to sustain market stability beyond June.
The producer group OPEC+ has been cutting supply since the start of the year to tighten the market. The OPEC and its allies will meet on June 25-26 in Vienna, to discuss supply policy
A planned 4th June strike by Norwegian workers could also lead to tighter global oil supply.
The U.S. energy services firm Baker Hughes said in its report on Friday that the U.S. energy firms last week increased the number of rigs looking for new oil by 3 to 800 for the week ended 31st May.
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 31st May on Tuesday. Previously, the API reported that U.S. crude supplies fell by 5.265 million barrels for the week ended May 24. The EIA will report US crude inventories for the week ended May 31 on Wednesday. Previously, the EIA reported that U.S. crude inventories fell by 0.282 million barrels for the week ended May 24.
On the technical front, the RSI is currently at 27.77% and suggests that the market can move in the upward direction. The current price is below 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 53.78 Take Profit At 54.38 Stop Loss At 53.48