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Oil Prices Near Three Year Highs, Stable Above $60 -

Jan, 08th 14:46

Oil prices are trading sluggishly on Monday on the back of a slight decline in the number of U.S. rigs drilling for new supply, with crude holding just below three-year highs reached last week.

U.S. West Texas Intermediate (WTI) crude futures were at $61.62 a barrel at 0344 GMT, 18 cents, or 0.3 percent, above their last settlement, and not far off the $62.21 May 2015 high reached last week.Brent crude was at $67.77 a barrel, 15 cents, or 0.2 percent, above their last close. Brent hit a high of $68.27, last week, the highest since May 2015.

Investors said the gains were due to a slight decline in the number of U.S. rigs drilling for new production, which eased by five in the week to January 5, to 742, according to data from oil services firm Baker Hughes.

U.S. oilfield service companies are preparing for initial public offerings, according to regulatory filings and analysts, after several shelved equity sales last year during a weak period for oil prices.

“The U.S. oil price is now in a range that is anticipated to attract increased shale oil production,” said Ric Spooner, the chief market analyst at CMC Markets in Sydney.

On the technical charts, WTI crude is hovering near three year highs, and the RSI has made a bounce back. The market is expected to trade higher in the near future.

Trade suggestion:

Buy digital Call option between 61.60 and 61.93, valid until 23:00 GMT 8th January 2018