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WTI Crude futures are currently trading at $57.58-lower by 0.43% as compared to the previous closing price. The contract posted a gain of 0.10% in the last week.
Brent crude futures were trading at $63.32-lower by 0.33% as compared to the previous closing price. The contract ended the last week little changed.
Crude prices steadied today as positive noises from Washington on Saturday (23rd Nov.) rekindled optimism that Beijing and Washington could soon sign a deal to end their trade dispute.
In an attempt to address one of the stick points in trade talks, Beijing said over the weekend that it will raise penalties on violations of intellectual property rights.
U.S. national security adviser Robert O’Brien said over the weekend that an initial trade agreement with China is still possible by the end of 2019. Adviser O’Brien also said that the U.S. President would not turn a blind eye to what happens in Hong Kong.
The U.S. President and his Chinese counterpart on Friday (22nd Nov.) expressed a desire to sign an initial trade deal and defuse a 16-month tariff dispute.
Still, concern remains that events in Hong Kong could eclipse trade talk developments.
The OPEC+ producer group will meet on December 5-6 to review the policy which limits supplies until March 2020. The producer group is expected to extend its production cut to mid-2020.
The U.S. energy services firm Baker Hughes said in its report on Friday (22nd November) that the U.S. energy firms last week decreased the number of rigs looking for new oil by 3 to 671 for the week ended 22nd November. It was the lowest oil rig count since April 2017.
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 22nd November on Tuesday. Previously, the API reported that U.S. crude supplies gained by 5.954 million barrels for the week ended November 15. The EIA will report US crude inventories for the week ended November 22 on Wednesday. Previously, the EIA reported that U.S. crude inventories rose by 1.379 million barrels for the week ended November 22.
On the technical front, the RSI is currently at 55.6% and suggests that the market can move in the downward direction. The current price is below 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 57.60 Take Profit At 56.94 Stop Loss At 57.93