Ripples Advisory News Update's: Oil in Reverse gear despite OPEC Hopes

The OPEC said that it intends to hold an “informal” meeting in September to explore ways to restore stability in the global oil market. The meeting will be held in Algeria on the sidelines of the 15th International Energy Forum on September 26-28.

Crude oil futures fell during late morning trade in the domestic market on Tuesday as investors and speculators exited positions in the energy commodity even as the OPEC, a cartel which accounts for about 40 % of global crude supplies, saw prices bouncing back from a bear market. 

 

At the MCX, Crude oil futures for August 2016 contract is trading at Rs 2,868 per barrel, down by 0.80 per cent, after opening at Rs 2,876, against a previous close of Rs 2,891. It touched the intra-day low of Rs 2,854.

 

Meanwhile Hedge funds cut their bullish exposure to Brent to the smallest since January while paring positive bets on WTI to the least since February, data on Friday showed. Now in the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for fresh supply-and-demand signals.

 

Meanwhile, investors will keep an eye out for monthly reports from the OPEC and the IEA to gauge global supply and demand levels. Technically market is getting support at 2821 and below same could see a test of 2752 level, And resistance is now likely to be seen at 2933, a move above could see prices testing 2976.

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