Crude oil on MCX settled up 0.70% at 3448 flipped to small gains in yesterday session and extended a lengthy rally reaching its highest closing level in a month after news raised expectations the world’s biggest crude exporters will extend an agreement to cut output. Support seen after Saudi has told OPEC officials that it wants to extend the cartel’s agreement to cut crude-oil production for another six months when the group meets in May, according to people familiar with the matter.

Trading Ideas:

*Crude oil trading range for the day is 3388-3486.

* Crude oil finished higher as prices rebounded on talk of a possible extension to the OPEC-led production cut agreement.

*OPEC countries wants to extend the group’s agreement to cut crude production for another six months when OPEC meets in May.

*Support seen on geopolitical worries, North Korea’s foreign ministry warned that it was ready for “war” if the US makes further military moves.

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