Oil edges lower as U.S. pushes OPEC to pump more
31 Aug 2021
Brent Crude was trading 0.72% down at $71.71.
Oil slipped on Tuesday as OPEC and allies geared up for a meeting on Wednesday amid calls from the United States to pump more crude, although Brent still traded well above $70 per barrel.
Prices were also under pressure from concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries.
Crude was also weighed down by weaker manufacturing data from China, where factory activity expanded at a slower pace in August compared with the previous month.
U.S. West Texas Intermediate (WTI) crude futures were down 74 cents, or 1.1%, at $68.47 a barrel as of 0955 GMT.
Brent Cude futures for October, due to expire on Tuesday, fell 60 cents, or 0.8%, to $72.81 a barrel.
Both oil benchmarks were on track for their first monthly loss since March. But they were still not far off their July highs, when Brent rose to its strongest since 2018 and U.S Crude since 2014.
In August, U.S. President Joe Biden’s administration urged OPEC to boost oil output to tackle rising gasoline prices.
Prior to the U.S. call, the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, had agreed to add 400,000 barrels per day to their supply each month through December.
Brent Crude , RSI Stood at 51.466, the current price is trading Above the Moving Averages 5 & 20. So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Crude– Buy: 71.70, TARGET:-81.70, STOP LOSS:- 66.70.