Energy:: Due to rising manufacturing activity in China pointing to growing fuel demand, the oil prices rose more than 1% on Monday. WTI futures settled 5.1% on Friday while Brent rushed 4.4% on fears that talks to the end the trade war between US and China. Prices were also maintained after Iraq's oil minister said on Sunday that OPEC and associated producers will think through extending their current oil output slashes by 400,000 barrels a day to 1.6 million bpd a day. OPEC and associates including Russia, known as OPEC+, are anticipated to at least lengthen current production slashes to June 2020 when they come across this week. OPEC oil production cut down in November as Angolan creation fallen due to care and Saudi Arabia reserved a cover on supply to support prices before the IPO of Saudi Aramco.
On technical chart, Crude Oil futures opened at 4035 and made a high of 4066. The formation of “Bullish Harami” candlestick pattern indicates the end of bearish movement where buyers can enter in the market to take buy positions. The RSI is trading 48.75 levels which indicates no sign of reversal.