Crude Oil Tips Today – Buy Call Rocking 3455 To 3586 – Neal Bhai Reports
CRUDE OIL 3455 To 3586 = 131 POINTS, Rs. 13,100 PER LOTS
Crude Oil yesterday settled down by 1.28% at 3484 as reports saying a surge in a new strain of the coronavirus in the U.K. raised concerns about energy demand.
Russian Deputy Prime Minister Alexander Novak said that global oil demand was still between 6 and 7 million barrels per day (bpd) below pre-crisis levels.Global oil demand was normally around 100 million bpd before the pandemic struck.
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the wellpad with crude prices trading above $45 a barrel since late November.
The oil and gas rig count, an early indicator of future output, rose by eight to 346 in the week to Dec. 18, the highest since May, energy services firm Baker Hughes Co said in its closely followed report.
Money managers raised their net long U.S. crude futures and options positions in the week to December 15, the U.S. Commodity Futures Trading Commission (CFTC) said.
The speculator group raise its combined futures and options position in New York and London by 2,046 contracts to 321,332 during the period. Norway’s November oil output rose in line with expectations, while natural gas production was below forecast, the Norwegian Petroleum Directorate (NPD) said.