MCX Crude Oil, Gold and Silver Free Trading Tips for Feb 02 2018

Tips for Feb 02 2018: MCX (WTI) crude was up 39 points, or 0.93 percent, at 4234 a barrel.

Production by the Organization of the Petroleum Exporting Countries (OPEC) rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in Venezuela and strong compliance with a supply reduction pact, a Reuters survey showed. [OPEC/O]

OPEC pumped 32.4 million barrels per day (bpd) in January, the survey found, up 100,000 bpd from December. Last month’s total was revised down by 110,000 bpd to the lowest since April 2017.

Even so, adherence by producers included in the deal to curb supply rose to 138 percent from 137 percent in December, the survey found, suggesting commitment is not wavering even as oil prices hit their highest level since 2014.

“It underscores the commitment of the cartel, and their Russian partners, to keep a floor under the oil price,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

That is drawing investors’ focus away from the rise in U.S. production.

That is drawing investors’ focus away from the rise in U.S. production.

Crude Oil output surpassed 10 million bpd in November for the first time since 1970, the Energy Information Administration said this week.

Source: Investing

Tips for Feb 02 2018

Buy MCX Crude oil 16 Feb 2018 contract for the day of 02 Feb 2018. near 4224 stop loss 4199 target 4254 – 4276.

Buy MCX Gold 05 April 2018 contract for the day of 02 Feb 2018. near 30520 stop loss 30460 target 30580 – 30640.

Free MCX Silver Tips for the day of 02 Feb 2018, Buy 05 March 2018 Contract near 39420 with stop loss 39310 for the target of 39560 – 39680.

Track Our Last MCX Tips

Leave a Reply

Your email address will not be published. Required fields are marked *