Crude Oil Tips Expert : MCX Crude price yesterday settled down by 1.87% at 4680 as easing concern of a supply disruption in Saudi Arabia countered the prospects for tighter supply due to OPEC+ output curbs.
- Crude Oil gained after major producers showed they were cutting crude output in line withtheir commitments on restraint.
- Russia’s January oil output up 120,000 bpd to 10.16 mln bpd.
- Tight oil-market in firsthalf could push crude to $65, says Goldman.
Crude Oil prices rose more than 1% on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential US-Iran conflict.
These data pointers pulled the WTI Crude under $56 per barrel and the counter currently trades at $55.92 per barrel, down more than 1% on the day. Markets also preferred to book profits ahead of the US EIA weekly inventories data.
MCX Crude Trading Tips – Above 4001 Target 4220—4410, Buy on Dips – Neal Bhai
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.