Crude Oil on MCX settled down 1.38% at 4077 due to excess supply in the market and on uncertainty over a potential trade deal between the U.S. and China. U.S. shale production is likely to climb by 49,000 barrels a day in December to 9.133 million barrels a day.
MCX Crude Tips Rocking – 4030 TO 4104 Enjoy – Boom Boom – Neal Bhai – 9899900589
India’s crude oil production in August decreased 5.4% year-on-year. Production volumes of Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) declined 3.7% year-on-year and 4.3% year-on-year, respectively, and that of fields under production-sharing contracts decreased 9.5% year-on-year during the month, rating agency India Ratings and Research (Ind-Ra) said its monthly report.
Crude Oil futures leapt this morning by over 15% in a knee-jerk reaction to the attack on the Saudi Arabia Abqaiq oil facility over the weekend that notionally, took 5% of the world’s supply offline.
Saudi Arabia’s stock market fell by 2.3% at Sunday’s open as the country grappled with weekend drone attacks on the heart of its oil production facilities in Abqaiq and Khurais claimed by Yemen’s Houthi rebels.
MCX Crude Trading Tips – If sustain above ₹4200 level Positional Target 4275—4360—4444, Below 4190 Correction Expected.