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Crudeoil trading range for the day is 4321-4509.
Crude oil dropped as firmness in rupee weighed despite OPEC indicated it will likely maintain production cuts that have helped support prices this year
Saudi Energy Minister Khalid al-Falih said there was consensus among the OPEC and allied oil producers to drive down crude inventories “gently”.
Russian Energy Minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month.
Russia wants to ease the cuts of 1.2 million barrels per day (bpd) being carried out by the so-called OPEC+ alliance, the sources said.
BUY CRUDEOIL JUN 2019 @ 4380 SL 4340 TGT 4440-4480.MCX
Naturalgas trading range for the day is 182-191.
Natural gas climbed due to a steep drop in production and on forecasts power generators would burn more gas than previously expected.
Output in the Lower 48 U.S. states dropped to a six-month low of 86.2 billion cubic feet per day (bcfd) from 89.3 bcfd.
U.S. gas speculators, meanwhile, cut their net long positions last week for an eighth week in a row for the first time since January, betting prices will decline.
As the weather warms faster than previously expected, projected demand in the Lower 48 states would reach 76.6 bcfd next week, up from the 76.3 bcfd forecasted.
SELL NAT GAS MAY 2019 @ 186.00 SL 188.50 TGT 183.80-182.00.MCX
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