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* Crude oil trading range for the day is 4125-4249.
* Crude oil dropped amid demand worries and uncertainties surrounding the trade war between China and the U.S.
* Saudi Arabia, Russia and other oil producers banded under the OPEC+ alliance agreed in Vienna to reduce daily output by a total of 2.1 million barrels
* Still, U.S. production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices.
* Unless a trade deal is signed by Dec. 15, the Trump administration is set to raise tariffs further on some $156 billion Chinese imports.
* SELL CRUDEOIL DEC 2019 @ 4220 SL 4260 TGT 4170-4120.MCX
* Natural gas trading range for the day is 153.5-166.3.
* Natural gas gained on short covering after changes in weather and heating demand forecasts for the next two weeks from the previous expectations.
* Meteorologists forecast the weather over the U.S. Lower 48 states will fluctuate from warmer to colder than normal through Dec. 19
* Utilities likely pulled 82 billion cubic feet (bcf) of gas from storage during the week ended Dec. 6.
* Stocks would likely return to a surplus over the five-year average during the next month
* BUY NAT GAS DEC 2019 @ 155.00 SL 153.00 TGT 158.00-162.00.MCX
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