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Crude rose after the worst weekly decline in two years as OPEC shrugged off the threat that U.S. shale drillers will swamp the market with excess supplies.
Crude Oil WTI was trading up 0.34% at $59.49. Brent Oil futures for April delivery were trading up 0.51% to $62.86.
A monthly report also showed OPEC’s production was little changed in January as the group continues to limit its output for a second year in order to balance an oversupplied market. However, key members like Iraq raised their output in January.
Oil prices are rising in response to “statements from OPEC telling us they believe compliance to the cuts is going to be at historic highs,” Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by telephone. “Ultimately, the market is well-supported around $60. We do see the market rebalance. Inventories will continue to drop.”
The U.S. benchmark crude contract lost almost 10 percent of its value last week amid concerns about the broader economy and whether demand will continue to rise. Kuwait Oil Minister Bakheet Al-Rashidi characterized the selloff as a “correction only.”
On the technical charts, WTI crude is trading sideways, above the 100 day EMA. The RSI is at 35.87 and the MACD is below the signal line. The market is trading below the 9 day, 20 day and 50 day moving averages. Negative bias is dominating the market sentiment today.
Buy digital Call options between 59.59 and 59.90, valid until 23:00 GMT February 2018