Market Update

Monday, 8 May 2017

Best Advisory Company; Crudeoil to trade in 2769-3109: Achiievers Equities

Crudeoil to trade in 2769-3109: Achiievers

Commodity Tips


According to Achiievers Equities, Crude oil rallied following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut. 

Achiievers Equities' commodity report on Crudeoil

Crudeoil trading range for the day is 2769-3109.

Crude oil rallied following assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

Saudi Arabia's OPEC Governor Adeeb Al-Aama told OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.

Traders also pointed to soaring U.S. oil output, up more than 10 percent since mid-2016 to 9.3 million bpd, levels not far off top producers Russia and Saudi Arabia.

BUY CRUDEOIL MAY 2017 @ 2980 SL 2940 TGT 3020-3060 MCX.

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