FREE CRUDEOIL TIPS : 03.01.2017
Crudeoil on MCX settled up 0.96% at 3685 buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut. Jan. 1 marked the official start of the deal agreed by the OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. January will serve as an indicator for whether the agreement can stick. Meanwhile Libya, one of two OPEC member countries exempt from the deal, increased its production to 685,000bpd as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC). In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil consumer. This week's reports come out one day later than usual. Crude oil traders will also continue to pay close attention to comments from global oil producers for further evidence that producers will stick to their agreement to cut production next year. Last year, oil prices finished with modest losses in the final trading session of 2016 on Friday, but scored the biggest annual gain since 2009 in wake of the landmark deal reached by the OPEC and several non-OPEC members to reduce their output. Technically market is getting support at 3666 and below same could see a test of 3647 level, And resistance is now likely to be seen at 3701, a move above could see prices testing 3717.
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Crudeoil on MCX settled up 0.96% at 3685 buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut. Jan. 1 marked the official start of the deal agreed by the OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. January will serve as an indicator for whether the agreement can stick. Meanwhile Libya, one of two OPEC member countries exempt from the deal, increased its production to 685,000bpd as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC). In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to gauge the strength of demand in the world’s largest oil consumer. This week's reports come out one day later than usual. Crude oil traders will also continue to pay close attention to comments from global oil producers for further evidence that producers will stick to their agreement to cut production next year. Last year, oil prices finished with modest losses in the final trading session of 2016 on Friday, but scored the biggest annual gain since 2009 in wake of the landmark deal reached by the OPEC and several non-OPEC members to reduce their output. Technically market is getting support at 3666 and below same could see a test of 3647 level, And resistance is now likely to be seen at 3701, a move above could see prices testing 3717.
