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Crude oil stays above $58, as U.S. oil rig count remains unchanged. -

Dec, 26th 13:09

Oil’s Bull Run is grinding to a halt. Oil held gains above $58 a barrel as trading resumed following the Christmas holiday and after U.S. drillers refrained from adding rigs for a second week in a row. Oil prices were stable on Tuesday, with Brent crude remaining near highs last seen in 2015 on the back of a healthy demand outlook, amid ongoing production cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude was at $58.52 a barrel at 0650 GMT, up 5 cents from the last settlement. Brent, the international benchmark for oil prices, was at $65.25 a barrel, unchanged from its last close.

Oil futures in New York have jumped almost 40 percent since June as OPEC and its allies have extended their production-cut deal and U.S. inventories shrank to two-year lows. But the decline in American stockpiles is largely due to refinery maintenance and exports near an all-time high. Meanwhile gushers in the country are producing at a record pace.

Brent has risen by 47 percent since mid-2017. The Organization of the Petroleum Exporting Countries (OPEC), the Middle East-dominated producer club, and Russia – the world’s single biggest oil producer – have been withholding output in order to control supply in the market and prop up prices.

On the technical charts the 20 day EMA has made a positive crossover. Resistance is at 58.95 and support is at 58.27.

Trade suggestion:

Buy Digital Call Options Between 58.45 to 58.58 Valid Until 22:00 GMT