WTI Crude futures are currently trading at $66.69-lower by 1.41% as compared to the previous closing. Crude prices inched lower on Monday as concern over the global economy put the commodity on track for its biggest monthly fall since mid-2016.

Even with U.S. sanctions on Iranian exports due to come into force on 5th Nov., oil has lost nearly 7% in value this month, the largest percentage decline since July 2016.

Brent crude futures were trading at $77.02-lower by about 0.81% at the time of writing.

Data from the InterContinental Exchange and the U.S. Commodity Futures Trading Commission showed that combined bullish holdings of Brent and U.S. crude futures and options have fallen by a third in four weeks, to around 572 million barrels. This position was equivalent to nearly 1.2 billion barrels in January.

In a related report that is published by the API every week, the API is scheduled to report U.S. crude supplies for the week ended 26th October, on Tuesday at 4:30 pm ET. The API is expected to report a rise of 1.7 million barrels in US crude supplies. Previously, the API reported that U.S. crude supplies rose by 6.346 million barrels for the week ended Oct. 19.

The EIA will report US crude inventories for the week ended 26th October on Wednesday. The market expects that the EIA will report a 2.5 M barrel rise in US crude inventories for the week. Previously, the EIA reported that U.S. crude inventories rose by 9.8 million barrels for the week ended Oct. 19.

On the technical front, the RSI is currently at 34.73% and suggests that the market can move in the downward direction. The current price is below the MA5. The current Price is below the middle line of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.

Trade Suggestion-Limit Sell At 67.10, Take Profit At 66.40 Stop Loss At 67.45

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