Crude oil futures prices are holding the bullish trend since opening . Speculation of monetary easing by major central banks and threat of tropical storm might be supporting prices. German PMI numbers have increased more than expectation might be creating a spike in prices. Weekly jobless claims data are due for today which may come in a blend. However, improving housing sales data  increased more than expectation might be creating a spike in prices. Weekly jobless claims data are due for today which may come in a blend. However, improving housing sales data from US may create a spike in prices.

As per National Hurricane Centre, tropical storm Isaac is moving over Eastern Caribbean Sea heading towards Gulf region. Thus, concern of supply disturbance s may create positive move in oil prices. However, there may be some volatility in the market ahead of tomorrow’s meet of Iran with West bodies in Vienna regarding nuclear Program.

We suggest to remain on buying side in dip.

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