Gold Silver Reports – ✅ Crude Oil Buy on Dips Target 4020 — Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 0.73% to settled at 18871 while prices up 19 rupees.
Crude Oil MCX is getting support key at 3884 and below same could see a test of 3864 levels and resistance key is now likely to be seen at 3980, a move above could see prices testing 4020
Crude Oil on MCX settled up 0.49% at 3906 as investors continued to weigh data showing falling US rig counts despite rising US production while ongoing expectations for strong OPEC cuts added to sentiment.
Oil prices held gains as data showing US oil rigs declined came against expectations for a rise in US crude production above an important 10 million barrels per day level as the recent surge in oil prices is expected to encourage US shale oil production.
Crude Oil Buy on Dips Target 4020, Sell Karna Mana Hai Support Key 3864 — Crude Oil MCX is getting support key at 3884 and below same could see a test of 3864 levels and resistance key is now likely to be seen at 3980 a move above could see prices testing 4020. @goldsilverrepor
— Gold Silver Reports (@goldsilverrepor) January 9, 2018
The number of oil rigs operating in the U.S. fell by five to 742, according to data from energy services firm Baker Hughes. US production is expected to soon rise above 10 million barrels per day after the EIA reported last week that oil production rose to 28,000 barrels a day to nearly 9.8 million barrels a day, Rising US production has weighed on OPEC’s efforts to reduce supply amid the oil-cartel’s ongoing commitment to the global deal to curb output in order to rein in global supplies to the five–year average.
OPEC production rose to 32.40 million bpd in December, representing a 50,000 bpd increase from November’s six-month low, but still below the ceiling of 32.74 million bpd, an S&P Global Platts survey showed Monday. OPEC in November agreed to extend 1.2 million bpd output cuts through 2018 to rid the market of excess supplies. – Neal Bhai Reports
