FREE CRUDEOIL TIPS 29-12-2016
Crudeoil on MCX settled up 0.82% at 3706 tracking firmness from Nymex Crude oil which closed higher settled at $53.91 reaching an 18-month high on optimism over the impact over the forthcoming production cuts by
OPEC and aligned producers. The intraday peak fell short of the year's high of $54.51 reached just weeks ago, on Dec. 12. Crude oil prices have increased 25% since mid-November, helped by anticipation of a good outcome
for OPEC's supply cut and strong U.S. economic figures that have also bolstered equity prices. The EIA is coming out with its final report on the year on Thursday. The report is delayed by a day, as it usually is issued on a
Wednesday. The API issued a report after the close of markets yesterday, which will likely have an impact on the attitudes of market players on Thursday. OPEC is cutting 1.8 million barrels per day of production, and Iraqi
Oil Minister Jabar Ali al-Luaibi said today his country, which plan cut supply by 200,000-210,000 bpd from January. The remarks were made during a visit to Kuwait, which is also expected to trim output next year along with
other OPEC members, and some producers in allied countries. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is
under fresh buying as market has witnessed gain in open interest by 8.04% to settled at 8871 while prices up 30 rupee, now Crudeoil is getting support at 3676 and below same could see a test of 3645 level, And resistance
is now likely to be seen at 3725, a move above could see prices testing 3743.
MCX Copper Feb 2017 TRADING
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