Crude Oil may open on sideways bias as it can move in range of 3140-3210. Crude Oil prices edged lower amid emerging doubts about a possible output freeze accord at next month’s informal OPEC meeting in Algiers. Iran Oil Minister Bijan Zanganeh said the country aims to regain market-share lost to sanctions since 2012 before participating in any supply-limiting agreements, according to a report from state-run media.
The energy markets face an uncertain outlook that’s complicated by persistent oversupply of crude and refined products and vague hopes that major producers would agree to an output freeze next month. The Fed’s growing conviction that higher interest rates are around the corner are also adding to the complexity. Major producers are expected to hold informal meetings on the sidelines of the September 26-28 International Energy Forum in Algeria. Natural gas may move in range of 190-197 as weather conditions in US to give further direction o the prices.
Courtesy: Smc Comtrade