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Analysis & Reasoning for our Crude Oil future Calls, & Basis for the same are given below. Do Study the same.
MCX Crude Oil Future( April 20 Contract)
Closed at Rs.2048
Trend Expected :
Sharp Fall is expected today
Target 1 : Rs. 1912
Target 2 : Rs. 1804
Stop loss : Rs. 2232
Analysis & Reasoning for Crude Oil Futures Calls :
Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles.
U.S. West Texas Intermediate crude fell 6.49% to trade at $26.50 per barrel, while international benchmark Brent crude slipped 4.19% to $32.68 per barrel. Earlier, U.S. crude futures had fallen about 9%.
Oil surged last week — WTI and Brent are both coming off their best week on record — as Saudi Arabia called a meeting between between OPEC and its allies, known as OPEC+, signalling there could be progress on a production cut. The organization’s March meeting ended with no deal after Russia rejected the 1.5 million barrels per day cut that Saudi Arabia had proposed in a bid to prop up falling oil prices as the coronavirus outbreak sapped demand. This kicked off a price war between the two powerhouse producers.
The Monday meeting was set after President Donald Trump said to CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to both countries’ leaders.
But tensions between Saudi Arabia and Russia escalated on Friday, and the meeting will now “likely” be held on Thursday, according to sources familiar with the matter.
# Basis for Crude Oil Futures Calls :
This Analysis and Calls are based on our Technical Analysis & fundamental Analysis.Our Analysis & Crude Oil calls is being updated every day by 8.00 in the morning except Saturday .
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