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WTI Crude oil futures rose on Friday as Asian stock markets gained on news that North Korean leader Kim Jong Un will meet with U.S. President Donald Trump.
The two will likely meet by May and Kim has pledged to refrain from further nuclear or missile tests, South Korea’s national security chief said late on Thursday after briefing White House officials on talks between Seoul and Pyongyang.
Brent crude futures were at $63.79 per barrel at 0625 GMT, up 18 cents, or 0.3 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $60.25 a barrel, up 13 cents, or 0.23 percent.
Despite these increases, Brent and WTI are on course for weekly declines of almost 1 percent and 1.7 percent, respectively.
Traders said the weakness is due to soaring output from the United States, which has risen by 23 percent since the middle of 2016, to 10.37 million barrels per day (bpd).
Unlike Middle East producers, where an output is largely dictated by state-owned oil companies, U.S. producers drill and sell purely based on economics. If prices remain at current levels or rise further, U.S. drillers are profitable and will raise output; if prices stumble, U.S. production will fall.
“The correlation between the U.S. oil production and the oil prices will remain considerable,” van Cleef said. As much as production, oil prices will also depend on demand.
Iran’s crude and condensate exports are set to fall by 21 percent in March, compared with the previous month, to 1.94 million bpd, according to a source with knowledge of the tanker schedules. That is the lowest since March 2016.
On the technical charts, WTI crude is trading sideways above the 200 day and the 100 day moving averages. The market is trading below the 9 day, 20 day and the 50 day moving averages. The RSI is at 41.24 and the MACD is below the signal line.
Buy digital Call options between 60.39 and 60.90, valid until 23:00 GMT March 9, 2018