Crude Oil (Oct) may open sharply higher tracking firm international markets as it can test 2900-3000. Oil prices rose in Asian trade on Monday after Venezuela said that OPEC and non-OPEC countries were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.
Venezuelan President Nicolas Maduro said on Sunday that a deal between OPEC and non-OPEC countries could be announced this month. OPEC members may call an extraordinary meeting to discuss oil prices if they reach consensus at an informal gathering in Algiers this month, OPEC Secretary-General Mohammed Barkindo said during a visit to Algeria. Iran’s August crude exports jumped 15 per cent from July to more than 2 million barrels per day (bpd). Natural gas may face profit booking at higher levels as it can move in range of 194-199.
Courtesy: Smc Comtrade