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:

SELL:

Crude oil MCX with entry 2020 and Target 1920

Natural Gas MCX with Entry 132 and target 124

NEWS FLASH

Successful Meet at Doha: Oil Production will be stabilized 

"Qatar, Saudi Arabia, Russia and Venezuela would lead an effort to freeze output at January levels and due to which  Brent crude futures pared gains."

 The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.

Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in  stabilizing  the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the  meeting to be  successful. He added he hoped producers inside and outside OPEC would adopt the proposal.
Qatar is the current holder of the rotating OPEC presidency.
Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.

Crude Oil Trading Strategy for Today

MCX Crude oil Trend Today: The American Petroleum Institute (API) reported today that crude oil reserves has been declining in the United States. Because of this decrease in reserve, crude oil prices have once again getting momentum. Despite the global concerns in International market crude oil supply has not get affected. Yesterday Nymex crude oil also moved slightly upside. Commodity market mainly the crude oil and natural gas trend eyed today on US energy department reports, that are scheduled to release today. Crude oil live trading at 5680 with a loss of 0.1 percent. Natural gas is trading down 0.84 percent at 234.

Commodity Trading MCX Tips for Today

• Sell Crude oil Below 5700 for the Intraday Target of 5660. Keep Stop Loss at  5768.
• Sell Natural Gas today on MCX for the Intraday Target of Rs 234-232 with Stop loss at 243.50. Sell below 238.50. 
• Buy Silver on MCX today for the Intraday Targets of 42550 - 42850 with Stop Loss at 42150.