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Crude oil

Technical Outlook

* Demand-supply dynamics continue to ponder the short term price sentiment of oil. OPEC’s decision of no change in outpu00t, a possible travel ban due to the fast spreading new Covid virus variant Omicron and top oil consumers plan for using strategic petroleum reserves raising concerns over short term demand prospect of oil. A steady US dollar and easing crude inventories likely to influence prices in the short run. Anyhow, major selloffs are least expected due to increased global economic prospects.

* NYMEX Jan: Consistent trades above $68 would extend the bullish outlook. Meanwhile, an unexpected drop below $64 is a reverse sign of the current momentum.

* NYMEX Jan: Consistent trades above $68 would extend the bullish outlook. Meanwhile, an unexpected drop below $64 is a reverse sign of the current momentum. MCX Jan: If prices constantly above 5600 would lift prices higher. Else, expect a choppy trading, but major selloffs see only a close below Rs 5000 If prices constantly above 5600 would lift prices higher. Else, expect a choppy trading, but major selloffs see only a close below Rs 5000.

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