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CRUDEOIL

Crude oil trading range for the day is 6420-6784.

Crude oil prices gains after a drop in weekly stockpiles of crude reported by the U.S. government offset a production hike announced by OPEC+.

OPEC+ agreed to increase oil production by 400,000 bpd from March after a short meeting.

Tight oil supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% this year.

U.S. crude stocks fall, gasoline inventories rise –API

BUY CRUDEOIL FEB 2022 @ 6520 SL 6450 TGT 6620-6700.MCX

NATURAL GAS

Natural gas trading range for the day is 344.8-444.

Natural gas rallied as the risk of a potential freeze in natural gas wells in South Central US more than offset earlier reports of milder weather.

European gas demand seen falling this year due to cheaper coal-IEA

The number of rigs drilling for natural gas in the United States rose by 2 this week to 115

Qatar looks to profit from Europe natural gas fears over Ukraine.

BUY NAT GAS FEB 2022 @ 400.00 SL 384.00 TGT 418.00-430.00.MCX

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