MCX Nickel under long liquidation; Resistance seen at 819.1
MCX Aluminium under long liquidation; Support seen at 139.6
MCX Mentha Oil under fresh selling; Support seen at 1785.3
Silver market under short covering; Support seen at 36172
MCX Gold expected to trade in a range between 30517-30999
Technically now Crude Oil is getting support at 3989 and below same could see a test of 3890 levels and resistance is now likely to be seen at 4166, a move above could see prices testing 4244.
Crude Oil prices recovered from lows on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market. OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously.
In its monthly report the Paris-based International Energy Agency (IEA) said the implied stock build for the first half of 2019 is 2 million bpd. The IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.
Oil markets are being pressured from two sides: a surge in supply from OPEC, Russia and other producers, and increasing concerns about a global economic slowdown. U.S. crude oil output from its seven major shale basins is expected to hit a record 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said.
That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.
U.S. crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million as refineries cut output, data from industry group the American Petroleum Institute showed.
Trading Ideas:
–Crude oil trading range for the day is 3890-4244.
–Crudeoil prices recovered from lows on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.
–OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials have mentioned previously.
–OPEC warned that an oil supply glut could emerge in 2019 as the world economy slows and supply from rival producers rises more quickly than expected.
Courtesy: Kedia Commodities
Source: Commodityonline.com
