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Crude Oil Outlook: The Crude Oil futures are expected to trade in a positive territory, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. The oil futures will likely see an upward movement on Monday on the intraday basis, he added
Crude Oil Outlook: The Crude Oil futures are expected to trade in a positive territory, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. The oil futures will likely see an upward movement on Monday on the intraday basis, he added.
The Oil Futures were trading at Rs 2986 per BBL on MCX at 14:30 pm, down by almost 0.3 per cent from the previous close on Friday. The senior technical analyst said that investors can buy at levels around Rs 2980. He puts the stop loss at Rs 2920 while the target price at 3080.
As for international prices, Gupta said that he expected the US WTI crude to trade around USD 42 while the Brent Crude at USD 46.
Meanwhile, oil producer group OPEC+ is also expected to meet on Monday from 1330 GMT (7 pm IST), Reuters reported. The meeting is likely to be on the weakening demand outlook in the face of rising coronavirus infections as well as increased output from Libya, this report said. The report however suggested an unlikely action soon, quoting OPEC+ sources.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, have been reducing output since January 2017 in an effort to balance the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels per day (bpd), down from 9.7 million bpd, and are due to taper cuts by 2 million bpd in January.
Several OPEC watchers, including analysts from US investment bank JP Morgan, have suggested that a bearish demand outlook could prompt OPEC+ to delay any easing of the reductions, this report said adding that the United Arab Emirates and Russia, however, have indicated cuts getting eased as planned.
The group will meet again on 30 November.
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The resurgence of COVID-19 infections in the US and Europe have raised worries about fuel demand growth, further aggravating the current gap between the demand and supply situation, Gupta said. He said that oil will trade on both sides in October but is expected to remain rangebound.
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