Oil dips as China's economy slows but OPEC-led cuts support

Oil prices dipped on Monday as China reported its weakest annual economic growth in 28 years, although oil prices remain relatively well supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

International Brent crude oil futures were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.2 percent, at $53.69 a barrel.

China's economy grew by 6.6 percent in 2018, its slowest expansion in 28 years and cooling from a revised 6.8 percent in 2017, official data showed on Monday. China's September-December 2018 growth was at 6.4 percent, down from 6.5 percent in the previous quarter.

The slowing growth in China, which has generated nearly a third of global growth in the past decade, is stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers.

"The global outlook remains murky, despite emerging positives from a dovish Fed (now boosting US mortgage applications), faster China easing (China credit growth stabilizing) and a more durable US-China truce," US bank J.P. Morgan said in a note.

Despite this, analysts said supply cuts led by OPEC would likely support crude oil prices.

"Brent can remain above $60 per barrel on OPEC+ compliance, expiry of Iran waivers and slower US output growth," J.P. Morgan said.

It recommended investors should "stay long" crude oil.

Researchers at Bernstein Energy said the supply cuts led by OPEC "will move the market back into supply deficit" for most of 2019 and that "this should allow oil prices to rise to US $70 per barrel before year-end from current levels of US$60 per barrel."

In the United States, energy firms cut 21 oil rigs in the week to Jan. 18, taking the total count down to 852, the lowest since May 2018, energy services firm Baker Hughes said in a weekly report on Friday.

It was biggest decline since February 2016, as drillers reacted to the 40 percent plunge in US crude prices late last year.

However, US crude oil production still rose by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd.

With the rig count stalling, last year's growth rate is unlikely to be repeated in 2019, although most analysts expect annual production to average well over 12 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Oil prices edge up as OPEC says its crude output fell sharply in December

US oil prices inched higher on January 18 after a report from the Organization of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.

US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 percent, from their last settlement. WTI futures closed down 0.4 percent on January 17.

International Brent crude oil futures had yet to trade, after closing up 1.1 percent in the previous session.

OPEC cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

"The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices," ANZ said in a research note. The body is making cuts along with other major producers such as Russia.

OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Oil up 1% on OPEC cuts, hopes of easing Sino-US trade tensions

Oil prices rose by 1 percent on January 18 after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.

A report by the Wall Street Journal on January 17 saying that Washington was considering lifting some or all tariffs imposed on Chinese imports also buoyed financial markets, including oil, analysts said.

US West Texas Intermediate (WTI) crude futures were at $52.70 per barrel at 0605 GMT, up 63 cents, or 1.2 percent, from their last settlement.

International Brent crude oil futures were up 66 cents, or 1.1 percent, at $61.84 per barrel.

OPEC, along with some other producers including Russia, cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said on January 17, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

Some focus is shifting to whether the United States tightens sanctions against OPEC-member Iran when waivers it granted the Middle Eastern nation's eight biggest crude customers last November expire.

China, India, Japan, South Korea, Turkey, Italy, Greece and Taiwan received exemptions from Washington that allow them to import oil from Iran until April or May.

Political risk advisory Eurasia Group said China, India, Japan, South Korea and Turkey are likely to receive extended waivers, while those for Italy, Greece and Taiwan would likely be removed, capping Iran's crude oil exports at about 1.1 million bpd.

"The combination of production cuts by OPEC+ (especially the Saudis) and tightening sanctions on Iranian oil exports have brought the market close to balance," US investment bank Jefferies said on January 18.

Tempering support for prices, however, is weakening demand. OPEC cut its forecast for average daily demand for its crude in 2019 to 30.83 million bpd, down 910,000 bpd from the 2018 average.

Further undermining OPEC's efforts to tighten oil markets has been a surge in crude output from the United States, which increased by more than 2 million bpd in the last year to an unprecedented 11.9 million bpd.

"Though OPEC reports are likely to bolster market sentiment for stronger oil prices in the near-term, we remain cautious in the longer run amidst persistent economic weakness and incremental US shale production," Benjamin Lu of Singapore-based brokerage Phillip Futures said in a note.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

'US crude may hit $54/bbl in short term; watch out for OPEC, IEA reports'

Crude prices last week posted their biggest weekly gain in six months due to data showing output declines among major oil producers and a weekly fall in US crude inventories. The bias turned positive after news of a possible resolution to the US-China trade dispute.

Although no concrete agreement was reached after three-day of mid-level discussions between US and Chinese officials, the positive outcome resulted in the two economic powerhouses agreeing to higher-level talks later in the month. The weakness in the US dollar this week despite Powell's comments reiterating that the Fed would be patient and prepared with flexible policy supported the prices.

On the other hand, the talks of slowdown in global economy after news that China plans to set a lower economic growth target of 6-6.5 percent in 2019 compared with last year’s target of around 6.5 percent dampened the positive bias and kept pressure on prices.

Meanwhile, data from China showed that country's December exports fell 4.4 percent from a year earlier, the biggest monthly drop in two years, pointing to further weakening in the world’s second-largest economy. Imports also contracted, falling 7.6 percent, the biggest decline since July 2016.

On the supply side, oil markets are receiving support from supply cuts led by OPEC and aimed at reining in a glut that emerged in the second half of 2018. Lower oil exports from Iran since November, when US sanctions against it resumed, have also supported crude.

Inventory report

For the week, EIA reported that crude inventories fell by 1.7 million barrels compared with expectations for a decrease of 2.8 million barrels. The huge build up in distillate and gasoline kept prices under pressure. Distillate stockpiles rose 10.6 million barrels, more than five times the expected 1.9 million-barrel increase.

Gasoline stocks rose 8.1 million barrels, the largest weekly rise since December of 2016 against the forecast a 3.4 million-barrel gain. Net US crude imports rose last week by 6,26,000 bpd while crude production was steady at 11.7 million bpd.

The data from API reported a sizable crude oil inventory draw of 6.127 million barrels, compared to expectations that we would see a smaller draw in crude oil inventories of 3.3 million barrels. For driller's data, US energy firms cut oil rigs for a second week in a row as more producers, like Occidental Petroleum Corp, turned conservative in their 2019 drilling plans due to uncertainty over a recovery in crude prices. Drillers cut four oil rigs, bringing the total count down to 873.

OPEC Efforts

Saudi Arabia reported it would slash its oil exports by 8,00,000 barrels per day in January and promised further cuts as producers move to shore up tumbling prices. Energy Minister Khalid al-Falih said Saudi would cut its exports to 7.2 million barrels per day (bpd) in January, down from 8.0 million bpd in November. He also announced a further 1,00,000 bpd cut in February. This brought back the positive bias regarding OPEC capacity to bring balance in the markets.

For Russia, it has assured the markets that it would cut production by 50,000 to 60,000 barrels a day in January. The preliminary data shows that the nation's output has already fallen by more than 30,000 bpd relative to October levels and is gradually reducing oil production in line with the OPEC+ deal and is on track to get about a fifth of the way toward its pledged cut this month.

Outlook

Oil traders will continue to monitor global crude supplies and the outlook for energy demand in the week ahead. In the short term, we maintain positive bias for crude oil with WTI touching levels of $54 for the week ahead.

Market players will also focus on monthly reports from OPEC and the IEA this week to assess global oil supply and demand levels. Markets await the result of the next meeting of the Joint Ministerial Monitoring Committee, which oversees implementation of the production cuts, may take place in April.

Technically speaking, MCX Crude oil traded with positive bias in the past two weeks and is signifying further strength in price. The RSI has reversed from its oversold zone and going ahead, possible crossover of MACD will confirm further strength in price.

Immediate resistance is capped at Rs 3,725 per barrel and price sustained break above the same will lead the rally towards Rs 3,875 - 4,000. Short-term supports are placed at Rs 3,480 - 3,370 levels. Buying on dip near support or above resistance is advised.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

US oil prices edge down amid uncertain global economic outlook

US oil prices inched lower on Wednesday after gains of more 3 percent in the previous session, pressured by concerns over the outlook for the global economy.

US West Texas Intermediate (WTI) crude futures were at $51.82 per barrel at 0024 GMT, down 29 cents, or 0.5 percent, from their last settlement.

International Brent crude oil futures had yet to trade.

Oil prices jumped around 3 percent on Tuesday when China's National Development and Reform Commission signalled a willingness to offer more fiscal stimulus following weaker-than-expected trade figures earlier in the week.

But that appeared to offer only temporary support to crude prices amid persistent worries over the impact of the Sino-US trade conflict.

"Trade data out of China this week was not positive with drops in exports and imports showing a clear impact of US tariffs," said Alfonso Esparza, senior market analyst at futures brokerage, Oanda.

The outlook for the global economy was darkened further when British lawmakers on Tuesday overwhelmingly rejected Prime Minister Theresa May's deal to leave the European Union.

Global demand has emerged as a key driver for oil prices as fears of oversupply were tempered when the Organization of the Petroleum Exporting Countries and major crude producer Russia said late last year that they would cut supply.

However, US crude oil is expected to rise to a new record of more than 12 million barrels per day (bpd) this year and to climb to nearly 13 million bpd next year, the US Energy Information Administration said on Tuesday in its first 2020 forecast.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

US oil prices rise above $50 on trade talk hopes

US crude oil prices on Wednesday rose above $50 per barrel for the first time in 2019 on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown.

US West Texas Intermediate (WTI) crude oil futures were at $50.14 per barrel as at 0021, up 36 cents, or 0.7 percent from their last settlement.

International Brent crude futures had yet to trade.

"The mood was ... boosted by signs of further progress in trade talks between the US and China," ANZ bank said on Wednesday.

The world's two biggest economies will continue trade talks in Beijing for an unscheduled third day on Wednesday, US officials said, amid signs of progress on issues including purchases of US farm and energy commodities and increased US access to China's markets.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

Oil prices have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

"Crude oil prices continued to march higher, with investors becoming increasingly confident that the OPEC cuts would tighten the market," ANZ said.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Oil prices surge on hopes of successful US-China trade talks

Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown.

U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel as at 0131, up 51 cents, or 1 percent from their last settlement. It was the first time this year that WTI has topped $50 a barrel.

International Brent crude futures were up 42 cents, or 0.7 percent, at $59.14 per barrel.

Both crude price benchmarks had already gained more than 2 percent in the previous session.

"Crude continues to extend gains as early reports from Beijing regarding trade negotiations are fueling optimism around successful trade talks between the U.S. and China," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

"After a dreadful December for risk markets, Crude oil continues to catch a positive vibe," he added.

The world's two biggest economies will continue trade talks in Beijing for an unscheduled third day on Wednesday, U.S. officials said, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China's markets.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

Oil prices have also been receiving support from supply cuts started at the end of 2018 by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

"Crude oil prices continued to march higher, with investors becoming increasingly confident that the OPEC cuts would tighten the market," ANZ bank said.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Oil prices rise on trade talk optimism, OPEC cuts

Oil prices rose on Tuesday on hopes that US-Chinese talks in Beijing would bring a halt to trade disputes between the world's biggest economies, while OPEC-led supply cuts tightened markets.

International Brent crude futures were at $57.77 per barrel at 0113 GMT, up 44 cents, or 0.8 percent from their last close.

US West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent.

US Commerce Secretary Wilbur Ross said late on Monday that Beijing and Washington could reach a trade deal that "we can live with" as dozens of officials from the world's two largest economies held talks in a bid to end their trade dispute that has roiled global markets since last year.

Asian stock markets rose as investors hope Washington and Beijing will reach some sort of agreement.

Despite optimism around the talks in Beijing, some analysts warned that the relationship between Washington and Beijing remained on shaky grounds, and that tensions could flare up again soon.

"We remain concerned about the world's most important bilateral relationship," political risk consultancy Eurasia Group said in its 2019 outlook.

"The US political establishment believes engagement with Beijing is no longer working, and it's embracing an openly confrontational approach ... (and) rising nationalist sentiment makes it unlikely that Beijing will ignore US provocations," Eurasia Group said.

Beyond politics, oil markets are being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

"Crude oil prices have benefited from OPEC production cuts and steadying equities markets," said Mithun Fernando, investment analyst at Australia's Rivkin Securities.

Looming over the OPEC-led cuts, however, is a surge in US oil supply, driven by a steep rise in onshore shale oil drilling and production.

As a result, US crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd.

With drilling activity still high, most analysts expect US oil production to rise further this year.

Consultancy JBC Energy said it was likely that US crude oil production was already "significantly above 12 million bpd" by early January.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

OPEC sends fewest oil cargoes to United States in at least five years

OPEC crude cargoes leaving for the United States in December dropped to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm Kpler show.

Oil cargoes departing from OPEC nations to the United States fell to 1.63 million barrels per day (bpd) last month, down from 1.80 million bpd in November and 1.78 million bpd in October, the data show.

Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, and several others curbed supplies in the face of rising US production and inventories, analysts said.

"Some of it was a decline in OPEC production," said Andy Lipow, president of Lipow Oil Associates in Houston. "But they're facing competition from US shale and Canadian production."

OPEC and allies including Russia agreed last month to cut crude production beginning this month by 1.2 million bpd, following a strategy to support prices when supplies overwhelm demand.

OPEC pumped 32.68 million bpd last month, according to a Reuters survey, down 460,000 bpd from November, suggesting some members moved to reduce supplies ahead of the recent accord.

"Historically, Saudi Arabia has utilized crude export flows to the United States as a method of signalling the Kingdom's intentions, given the transparency of the US market," said Reid I'Anson, an energy economist at Kpler.

Vessels last month carried about 534,000 bpd from Saudi Arabia to the United States, down from 632,000 bpd in November. Algeria sent 10,000 bpd, down 94,000 bpd, and Nigeria shipped 103,000 bpd, down by 48,000 bpd, according to Kpler.

One major exception to the decline was Iraq, which sent 295,000 bpd to the United States, up by 140,000 bpd from November. Shipments from Venezuela increased 22,738 bpd.

Booming US shale production and growing stockpiles also crimped the nation's appetite for imported crude. US commercial crude stocks rose to 441 million barrels in the week ended Dec. 21, up from 394 million barrels in mid-September, according to the US Energy Information Administration.

"When inventories began rising, that started to help decrease the demand for imports," said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. "We could see even lower imports from OPEC."

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Oil prices fall amid currency and share market turmoil, crude supply surge

Oil prices fell on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally.

US West Texas Intermediate (WTI) crude oil futures were at $45.93 per barrel at 0152 GMT, down 61 cents, or 1.3 percent, from their last settlement.

International Brent crude futures were down 36 cents, or 0.7 percent, at $54.55 per barrel.

Markets were roiled by a more than 3 percent crash of the US-dollar against Japan's yen overnight, and after US tech giant Apple cut its sales forecast.

"We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said.

The slowdown in China and turmoil in stock and currency markets is making investors nervous, including in oil markets.

Investment bank Jefferies said in a 2019 opening note to clients and employees that the start of the year "doesn't feel as firm, the future doesn't feel as certain and optimistic, and the path forward does not seem as clear."

The US bank added that "markets are extremely volatile and virtually impossible to anticipate or navigate."

SUPPLY SURGE

Oil markets have also come under pressure from a surge in supply.

US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making the United States the world's biggest oil producer.

Others are not sitting idle, with Russian output reaching a record of more than 11 million bpd in 2018.

Supply from Iraq, the number two producer in the Organization of the Petroleum Exporting Countries (OPEC) behind Saudi Arabia, is also up, with December exports at 3.73 million bpd, up from 3.37 million bpd in November.

With production rising and demand growth expected to slow, many analysts expect a global oil supply overhang to build in the first months of 2019.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Today Crude Updates Trading Rules

Buy Signal: When all the mcx crude oil short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx crude oil short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in crude oil. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in crude oil is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Oil prices rise, but set for first annual decline since 2015

Oil prices edged higher on the last trading day of the year on Monday, taking a cue from firmer stock markets, but remain on track for the first yearly decline in three years amid concerns of a supply glut.

Hints of progress on a possible US-China trade deal helped bolster sentiment, which has been battered by concerns over a weaker global economic outlook.

Brent crude futures - the international benchmark for oil prices - rose 17 cents, or 0.3 percent, to $53.38 a barrel by 0115 GMT. Brent has shed about 20 percent in 2018 following two years of successive growth.

US West Texas Intermediate (WTI) crude futures were at $45.52 a barrel, up 19 cents, or 0.4 percent, from their last close. WTI is down nearly 25 percent this year.

Crude prices have been closely tracking equity markets during volatile trading for both asset classes last week.

"Investors are looking for bargains in an illiquid market (today)... If Trump gets over trade issues with China expect economic demand to surge," said Jonathan Barratt, chief investment officer at Probis Securities in Sydney.

"Also, drivers on Iran with waivers ending in May are still not been put to bed. Hence, it could get ugly at any time and I expect this is a diversion for Trump when needed," Barratt added.

US President Donald Trump said he had a "long and very good call" with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.

Meanwhile, imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as US sanctions on Iran's oil exports took effect last month.

Asia's imports from Iran are set to rise again in December after the US granted temporary waivers to some countries, but is not known how much Iran will be able to export once the waivers expire around the start of May.

"Investors will require substantive indications from global economic fundamentals and oil inventories to move in positively on oil prices in 2018," said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures.

"We postulate for a gentle recovery for oil prices into the first quarter of 2019 though marked volatility can snap oil prices south in lieu of market uncertainties and key events such as Brexit, US-China trade truce deal, US monetary policy, US-Iran sanctions."

The current downward pressure on oil prices should likely taper off from January, when OPEC-led supply cuts commence, analysts said.

Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million bpd starting in January in a bid to clear a supply overhang and prop up prices.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

Today Crude Updates Trading Rules

Buy Signal: When all the mcx crude oil short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx crude oil short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in crude oil. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in crude oil is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol

US oil prices extend gains as equities rise, but economic worries weigh

US oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains.

US West Texas Intermediate (WTI) crude futures , were up 26 cents, or 0.56 percent, at $46.48 per barrel at 0032 GMT. They jumped 8.7 percent to $46.22 per barrel in the previous session.

Brent crude oil futures had yet to trade. They rose 8 percent to $54.47 a barrel the day before.

Global stocks rebounded on Wednesday on the back of the Trump administration's attempt to shore up investor confidence and a report on strong U.S. holiday spending.

However, both crude benchmarks are still down roughly 40 percent from highs in October, pressured by concerns about oversupply and over the outlook for the global economy.

"Oil prices have rebounded following the stock market's move, but they are still low," said Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul.

"But if OPEC's cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year."

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.

Offering further support to oil prices, U.S. crude inventories were forecast to drop 2.7 million barrels in the week to Dec. 21, marking their fourth straight week fall, according to a preliminary Reuters poll on Wednesday.

The American Petroleum Institute's (API) inventory data is due on Thursday, while the U.S. Department's Energy Information Administration (EIA) is set to release its report on Friday.

We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.

Visit: www.ripplesadvisory.com

Contact us @ +91-9644405056

Source: Moneycontrol