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Crude oil

• World equities showed a mixed move on previous week. Major US indices dipped more than two percent, while Chinese benchmark index rallied more than 3.00 percent. Key European indices closed in a negative territory while India's Sensex closed higher with marginal gains.

• European Central Bank said it would gradually roll back some of its massive emergency pandemic support for the economy.

• China’s exports unexpectedly surged at a faster pace in August owing to solid global demand .

• Iran invited IAEA chief as an attempt to ease the standoff between Iran and Western countries to avert nuclear deal crisis.

Energy

• WTI crude oil in NYMEX gained 0.62 percent while ICE Brent gained 0.43 percent last week.

• OPEC set to revise down the its 2022 demand growth forecast in its monthly report —OPEC+ Sources said.

• US energy firms added oil and natural gas rigs for the fifth time in six weeks, according to the latest report of Baker Hughes.

Technical Outlook

Prices continue to stay firm on increased demand outlook and moderate production estimates from OPEC and other key producers. A sharp recovery in global economy from the negative impact of Covid 19 likely to attract more fuel demand globally. Increased vaccination levels and easing concerns over the Delta variant of coronavirus likely to boost industrial and travel related demand for fuel in near future. However, increased production from US likely to weigh prices later.

NYMEX Sep: Expect a choppy trade inside $71-67 levels initially and breaking any of the sides would suggest fresh direction to the commodity.

MCX Sep: As long the support of Rs 4640 hold the downside, expect rallies to continue the day.

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