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WTI Crude Rise But Data May Disrupt Momentum – Outlook Cautious -

Mar, 06th 13:34

WTI crude futures rose on Tuesday for a third session, market mood brightens. The markets appear to shrug off Italian election, Trump tariff threat.

International benchmark Brent crude futures were at$65.67 per barrel at 0743 GMT, up 8 cents, or 0.12 percent.

U.S. West Texas Intermediate (WTI) crude futures were at $62.68 a barrel, up 11 cents, or 0.18 percent.

Crude oil prices continued to take their cues from broader market sentiment trends yesterday, with the WTI benchmark rising alongside the bellwether S&P 500 stock index. Investors’ mood brightened despite a worrying outcome in Italy’s general election, which the newswires attributed to comments from US House of Representatives Speaker Paul Ryan that sharply opposed President Trump’s proposed tariff hike.

Looking ahead, API inventory flow statistics are due and will be sized up against forecasts calling for a 1.7 million barrel build to be reported in official statistics due Wednesday. An updated EIA short-term energy outlook is also due. Taken together, the two releases may decouple oil from broader risk trends, if only briefly.

The International Energy Agency (IEA) said on Monday that global oil demand was expected to grow over the next five years, while the output from producers in the Organization of the Petroleum Exporting Countries (OPEC) would rise at a much slower pace.

To fill the gap between OPEC and global demand, the IEA said the United States would supply much of the oil demand as its shale oil production was set to surge.

U.S. crude production has risen to more than 10 million barrels per day (bpd), overtaking top exporter Saudi Arabia. Output hit a record 10.057 million bpd in November, according to the U.S. Department of Energy.

On the technical charts, WTI crude is trading above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 51.84 and the MACD is above the signal line.

Trade suggestion:

Buy digital Put options between 62.52 and 62.00, valid until 23:00 GMT March 6, 2018