Crudeoil trading range for the day is 3024-3178
Crude oil prices dropped as traders noted that a tropical storm : 12.09.2016
CRUDEOIL : BUY ZONE
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Crude oil prices dropped as traders noted that a tropical storm was behind this week's
unexpected slump in U.S. crude inventories.
U.S. government data showed the biggest weekly drop in stockpiles last week since
January 1999 as Gulf Coast imports slumped to the lowest on record.
U.S. drillers this week added oil rigs for a 10th week in the past 11, according to the closely f
ollowed Baker Hughes rig count report.
Crudeoil on MCX settled down -2.65% at 3080 as traders noted that a tropical storm was behind this week's unexpected slump in U.S. crude inventories. The market ended up around 3 percent, its first gain in three weeks.
Traders cited hopes for a global deal on stabilizing crude output after Saudi Arabia, the leading oil producer inside OPEC, and Russia, the biggest producer outside the group, agreed to cooperate in oversupplied markets. U.S.
government data showed the biggest weekly drop in stockpiles last week since January 1999 as Gulf Coast imports slumped to the lowest on record. Traders said imports fell as ships delayed offloading cargoes due to
Tropical Storm Hermine. U.S. drillers this week added oil rigs for a 10th week in the past 11, according to the closely followed Baker Hughes rig count report on Friday. It was the longest streak without rig cuts since 2011.
Algeria's oil minister said two separate agreements could be required between OPEC and non-OPEC producers. The International Energy Agency has said it expects oil demand to exceed supply in the third quarter of 2016,
meaning record global crude stockpiles should start falling. The oil options market indicates investors are not betting on a producer deal this month, although they are growing more optimistic that the market will eventually
move closer to balance. Technically market is under long liquidation as market has witnessed drop in open interest by -4.12% to settled at 14949 while prices down -84 rupee, now Crudeoil is getting support at 3052 and
below same could see a test of 3024 level, And resistance is now likely to be seen at 3129, a move above could see prices testing 3178.
Crude oil prices dropped as traders noted that a tropical storm : 12.09.2016
CRUDEOIL : BUY ZONE
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Crude oil prices dropped as traders noted that a tropical storm was behind this week's
unexpected slump in U.S. crude inventories.
U.S. government data showed the biggest weekly drop in stockpiles last week since
January 1999 as Gulf Coast imports slumped to the lowest on record.
U.S. drillers this week added oil rigs for a 10th week in the past 11, according to the closely f
ollowed Baker Hughes rig count report.
Crudeoil on MCX settled down -2.65% at 3080 as traders noted that a tropical storm was behind this week's unexpected slump in U.S. crude inventories. The market ended up around 3 percent, its first gain in three weeks.
Traders cited hopes for a global deal on stabilizing crude output after Saudi Arabia, the leading oil producer inside OPEC, and Russia, the biggest producer outside the group, agreed to cooperate in oversupplied markets. U.S.
government data showed the biggest weekly drop in stockpiles last week since January 1999 as Gulf Coast imports slumped to the lowest on record. Traders said imports fell as ships delayed offloading cargoes due to
Tropical Storm Hermine. U.S. drillers this week added oil rigs for a 10th week in the past 11, according to the closely followed Baker Hughes rig count report on Friday. It was the longest streak without rig cuts since 2011.
Algeria's oil minister said two separate agreements could be required between OPEC and non-OPEC producers. The International Energy Agency has said it expects oil demand to exceed supply in the third quarter of 2016,
meaning record global crude stockpiles should start falling. The oil options market indicates investors are not betting on a producer deal this month, although they are growing more optimistic that the market will eventually
move closer to balance. Technically market is under long liquidation as market has witnessed drop in open interest by -4.12% to settled at 14949 while prices down -84 rupee, now Crudeoil is getting support at 3052 and
below same could see a test of 3024 level, And resistance is now likely to be seen at 3129, a move above could see prices testing 3178.
