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CRUDE OIL

Observations

Crudeoil trading range for the day is 6383-6543.

Crude oil dropped as investors remained cautious about the prospect of weaker demand and a global economic slowdown.

Oil market on edge over Middle East crisis, IEA's Birol says

Markets expect Saudi Arabia and Russia to roll over additional voluntary cuts into early next year.

US shale oil output expected to fall in December – EIA

BUY CRUDEOIL DEC @ 6400 SL 6300 TGT 6500-6600. MCX

NATURALGAS

Observations

Naturalgas trading range for the day is 233.7-246.7.

Natural gas dropped due to ample storage levels, record production and lower demand.

US gas stockpiles were already about 6% above normal

EIA attributes abundant inventories to high natural gas production and warmer-than-average winter weather

Average gas output rose to 107.5 billion cubic feet per day (bcfd), up from a record 104.2 bcfd in October.

BUY NATURALGAS NOV @ 235 SL 230 TGT 240-245. MCX