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Thursday, 30 March 2017

DAILY COMMODITY MARKET STRATEGY- 31 Mar 2017

Best Commodity Tips

Oil dips after 3-day rally, but support seen above $50 per barrel

Oil prices eased on Friday as traders took profits following three days of straight gains on the expectation that an OPEC-led crude supply cut that was initially supposed to only last for the first half of the year would be extended.

Prices for front-month Brent crude futures, the international benchmark for oil, were at $52.83 per barrel at 0134 GMT, down 13 cents from their last close.

In the United States, West Texas Intermediate (WTI) crude futures were down 10 cents at $50.25 a barrel.

Despite Friday's dips, crude prices remain over 4 percent higher than they were at the start of the three-day rally on Tuesday.

"Oil looks to have found a range in the low $50s," ANZ Bank said on Friday.

Traders said there was a growing sense that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil production giant Russia would agree to continue their production cut deal seeking to drive prices higher.

OPEC and non-OPEC producers including Russia agreed late last year to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year in order to rein in a global supply overhang and prop up prices.

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