30-05-2018 10:40 AM
WTI crude oil prices edged nearly 2% lower as traders continued to worry the outlook of an increase in output from OPEC and Russia to balance a potential shortage in global supplies.
WTI crude oil prices fell on reports Russia and OPEC could increase production by up to 1 million barrels per day, to battle a potential supply shortage in the stir of falling Venezuela output and pending U.S. sanctions on Iran.
The number of oil rigs operating in the US jumped by 15 to 859, its highest level since March 13, 2015, according to data from energy services firm Baker Hughes Friday.
U.S. oil production stood at 10.73 million barrels per day, the Energy Information Administration.
Crude oil prices settled down nearby long-term support line at $66. As the Rising Wedge chart pattern” is in as Daily chart, crude oil prices were holding above the support line during the last two sessions. The prices tried to break below, but due to more buyer involvement, it sustained support line. The further direction would decide today, whether it's going to be upside or downside. This would be reflected based on tomorrow’s crude oil EIA inventory report Traders should monitor the break below. If it is yesterday's low, then prices will be sent to $63-61 which will be the short-term target. If it does not break below then it would turn back to bullish trend towards $ 67-69 level in the upcoming session.