Wednesday, February 17, 2016

Commodity News

 Crude Oil prices Rallied

 US crude futures rebounded today after the  deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices. US crude had risen 24 cents to USD29.28 a barrel by 0033 GMT, after ending the previous session down 40 cents.

Top oil producers Russia and Saudi Arabia on Tuesday finally agreed to limit oil production at January levels, and other oil exporters also joined in. Iraq, Qatar and Venezuela said they would freeze output at January levels provided a deal could be agreed, while OPEC member Iran could be offered special terms to freeze oil production levels, sources said.

Oil prices initially increases on Tuesday on news of the deal but early gains were wiped out on the realisation there would be no immediate supply cuts to tackle global oversupply as the changes will be taking place gradually to stablize the situation

Commodity Advice:


Crude oil MCX with entry 2020 and Target 1920

Natural Gas MCX with Entry 132 and target 124