Crude Oil May Trade In Range Of 3290-3446; Support Seen At 3322

Commodity Intraday Tips

Crude Oil settled flat reversing earlier gains as fading expectations of a coordinated production cut among major global oil producers weighed. Global oil demand will rise by 1.2 million barrels per day (bpd) in 2017, steady versus oil demand growth this year of 1.2 million bpd, despite gains in Chinese consumption, the chief of the International Energy Agency (IEA) said.

"If there is an increase in the prices as a result of this (OPEC-led) intervention we may well see a response from higher cost production," he said. Venezuelan Oil Minister Eulogio Del Pino said his country had proposed that non-OPEC countries remove 400,000-500,000 of barrels of crude oil per day (bpd) from the market. Del Pino said he had discussed the idea with Russian Energy Minister Alexander Novak on Tuesday and that any potential oil freeze or output reduction deal between OPEC and non-OPEC members needed to be reached by an OPEC meeting scheduled for Nov. 30.

Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. Technically now Crude Oil is getting support at 3322 and below same could see a test of 3290 level, and resistance is now likely to be seen at 3400, a move above could see prices testing 3446.

Trading Ideas:
--Crude Oil trading range for the day is 3290-3446.
--Crude Oil settled flat reversing earlier gains as fading expectations of a coordinated production cut among major global oil producers weighed.
--Venezuelan Oil Minister his country had proposed that non-OPEC countries remove 400,000-500,000 of bpd from the market.
--Global oil demand will rise by 1.2 million barrels per day (bpd) in 2017, steady versus oil demand growth this year of 1.2 million bpd.

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