Update from Organisation of Petroleum Exporting Countries: Output from OPEC, which supplies 40 percent of the world’s oil, climbed to 31.41 million barrels a day in August versus 31.16 million the previous month, OPEC’s Vienna-based secretariat said in its Monthly Oil Market Report today. OPEC said it considers crude supplies to be “abundant” and that an expected slowdown in oil demand growth next year may be more severe than forecast if the global economy deteriorates.  OPEC predicts that the increase in world oil consumption will decline to 800,000 barrels a day in 2013, from 900,000 a day this year.

  • NYMEX Crude Oil – Oct’12

Supports 95.8    96.18

Resistance 96.84   97.12

Trading Range 97-95.80

  • MCX Crude Oil – Sept’12

Supports 5310    5328

Resistance 5361    5376

Sell at 5350-5355 TP 5303 SL 5386

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