Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius
WTI Crude futures are currently trading at $48.72-lower by 0.67% as compared to the previous closing. Crude prices fell today after reports of rising inventories and forecasts of record U.S output combined with a sharp sell-off in stock markets worldwide.
Earlier in the session U.S. crude oil dropped 4.1%, to a low of $47.84- it’s weakest since September 2017.
Brent crude futures were trading at $58.58-lower by 0.10% at the time of writing.
World stock markets fell on Tuesday as concerns about a slowing global economy gripped investors, just as the Federal Reserve looked set this week to deliver its fourth interest-rate hike of the year.
The U.S. EIA said on Monday that Oil production from seven major U.S. shale basins is by the year-end expected to climb to more than 8 million bpd for the first time.
According to market sources, inventories at the U.S. storage hub of Cushing, Oklahoma, the delivery point for the oil futures contract, rose more than 1 million barrels from 11th to 14th December.
The US has surpassed Russia and Saudi Arabia as the world’s biggest crude oil producer, with total crude output jumping to a record 11.7 million bpd.
In a related report that is published by the API every week, the API is scheduled to report U.S. crude supplies for the week ended 14th Dec. later today. The API is expected to report a rise of 0.92 million barrels in US crude supplies for the week. Previously, the API reported that U.S. crude supplies fell by 10.18 million barrels for the week ended Dec. 7.
The EIA will report US crude inventories for the week ended 14th Dec. on Wednesday. The market expects that the EIA will report a 1.1 M barrel rise in US crude inventories for the week. Previously, the EIA reported that U.S. crude inventories fell by 1.2 million barrels for the week ended December 7.
On the technical front, the RSI is currently at 33.49% and suggests that the market can move in the downward direction. The current price is below the MA5 (50.52). The %K has crossed the %D from above to the downside at around 46% and suggests that market may move downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
Trade Suggestion-Limit Sell At 49.00 Take Profit At 48.30 Stop Loss At 49.40