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Tuesday, August 16, 2022

MCX Crude Oil under fresh buying; Support seen at 5674

Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 33.4% to settled at 11667 while prices up 209 rupees.

Now MCX Crude Oil is getting support at 5674 and below same could see a test of 5522 levels, and resistance is now likely to be seen at 5905, a move above could see prices testing 5984.

Crude Oil yesterday settled up by 3.72% at 5825 as OPEC and its allies agreed to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, despite pressure from consumers to cool a red hot market.

Ministers from the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, gathered online to discuss oil policy.

Russian Deputy Prime Minister Alexander Novak on Monday said that the decision by the OPEC+ group of leading oil producers to increase their combined output by 400,000 barrels per day (bpd) in November will help to stabilise the market.

Kazakhstan’s oil production quota under the global OPEC and non-OPEC producers’ pact has been set at 1.524 million barrels per day for October, the Kazakh energy ministry said, and will increase by about 16,000 bpd every month.

The ministry confirmed that the group has agreed to stick to its plan of adding 400,000 bpd per month to global crude supply. Money managers raised their net long U.S. crude futures and options positions in the week to September 28, the U.S. Commodity Futures Trading Commission (CFTC) said.

Trading Ideas:
–Crude Oil trading range for the day is 5522-5984.
–Crude Oil prices rose as OPEC+ agrees to stick to existing oil output plan.
–Russia’s Novak says OPEC+ decision will help to stabilise oil market.
–Kazakhstan’s OPEC+ quota set at 1.524 mln bpd for Oct.

Courtesy: Kedia Commodities

Source: Comodity Online

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