Free MCX Crude oil, Silver and Gold Tips for the day of 27 december: Oil prices on Wednesday remained near two-and-a-half year highs from the previous session as the market outlook for 2018 is relatively tight, although the gradual resumption of flows through a major North Sea pipeline prevented crude from rising.
Free MCX Crude oil, Silver and Gold Tips for the day of 27 december
MCX (WTI) crude futures were at 3820 a barrel at 0754 GMT, down 13 rupees from their last settlement. WTI broke through 3850 a barrel for the first time since June 2015 in the previous session.
Brent crude futures were at $66.80 a barrel, down 22 cents after breaking through $67 for the first time since May 2015 the previous day.
“Crude spiked sharply in reaction to an explosion at a Libyan pipeline…(but) the price spike came with light volumes as London was closed for Boxing Day,” said Sukrit Vijayakar, director of energy consultancy Trifecta.
Libya lost around 90,000 barrels per day (bpd) of crude oil supplies from a blast on a pipeline feeding Es Sider port on Tuesday.
Wednesday’s dips were a result of the gradual return of the 450,000 bpd capacity Forties pipeline system in the North Sea. Flows through Forties will return to normal early in the New Year, operator Ineos said.
Both the Forties and Libyan outages, which together amount to around 500,000 bpd, are small in a global context where both production and demand are approaching 100 million bpd.
But the disruptions highlight that markets have tightened significantly a year into voluntary supply restraint led by top producer Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).
MCX Crude oil tips for the day of 27 December Buy MCX Crude oil 19 Jan 2018 around 3812 Stop loss 3792 target 3845 – 3865
Free MCX Silver Tips for today Buy 05 march 2018 contract around 38500 stop loss 38350 target 38600 – 38700.
Gold Tips for the day of 27 December 2018 buy 05 feb 2018 contract around 28900 stop loss 28830 target 28970 – 29050.
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