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CRUDE OIL

Observations

Crudeoil trading range for the day is 6496-7064.

Crude oil dropped as supply concerns driven by Middle East tensions eased.

U.S. job growth slowed more than expected in October, while wage inflation cooled, pointing to an easing in labour market conditions

China's manufacturing activity unexpectedly contracted in October.

Saudi Arabia is expected to reconfirm an extension of its voluntary oil output cut of 1 million barrels per day through December.

SELL CRUDEOIL NOV @ 6750 SL 6850 TGT 6650-6550. MCX

NATURAL GAS

Observations

Naturalgas trading range for the day is 281.7-302.7.

Natural gas edged up with seasonally colder weather coming in mid-November.

The amount of gas flowing to U.S. liquefied natural gas (LNG) export plants rose to near-record highs.

Meteorologists projected temperatures would remain higher than normal through mid-November

Record output and ample amounts of gas in storage were also capping gains.

SELL NATURALGAS NOV @ 295 SL 300 TGT 290-285. MCX