Demand-supply dynamics continue to ponder the short term price sentiment of oil. OPEC’s decision of no change - Geojit Financial
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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 output, 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 strong US dollar also weighed down the sentiment of the fuel. However, increased global economic prospects likely to dent major selloffs in prices.
NYMEX Dec: Though the immediate outlook seems to be bearish, a turnaround is possible as long as the support of $59 remains undisturbed. Consistent trades below $56 would further liquidate prices.
MCX Dec: Inability to break the stiff support of Rs 4700 there are chances of recovery upticks. A direct drop below the same would trigger further liquidation pressure
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