OPEC Meeting outcome at 3:54 PM IST: OPEC is likely to keep its 30 million barrels per day oil output ceiling unchanged when it meets later on Thursday, Kuwait Oil Minister Hani Hussein said. When asked if he expected OPEC to agree to leave the ceiling unchanged, the minister said: “In all probability.” The detailed shall be released soon.
Our Morning Crude Oil Call,
|6/14/2012 10:12||Sell Crude Oil 4625 @ T1:4605 T2:4575 SL above:4680 SecondSell:4645 -www.Commodity20.com|
Crude Oil Update: Crude oil futures are steady ahead of OPEC meet result output. 161st meeting of OPEC conference is going to start from 6:00PM to 8:00PM IST. So, oil market is keenly watching for the production quota which is going to fix by the OPEC members
In the evening we may expect oil prices to remain very volatile ahead of OPEC meet output. On the other side, economic concern form Euro-zone basically soar in Italian bond yield and Greece election week ahead are weighing on equity market. Thus, oil prices are likely to take negative cues out of it. From economic data point, US weekly jobless claims are likely to increase which may further press yield and Greece election week ahead are weighing on equity market.
Crude oil prices are likely to take negative cues out of it. From economic data point, US weekly jobless claims are likely to increase which may further pressurize oil prices. Overall, we suggest to be cautious till any result coming from OPEC meet in between 6:00 -8:00 pm IST.
OPEC meet Update: Algerian oil minister have argued that keeping oil prodcution ceiling same as last quota , i.e. 30 mb/d may not bring oil prices back from the lower level. Though quota was decided to be at 30 mb/d, it exceeded to four years high of 32 mb/d.Thus, we may expect a upside spike in oil prices in couple of minutes ahead of concret result from OPEC meet which is going to end at 8:30PM @ 14.06.12,6:13 PM
Watch OPEC conference 161th meet Live in Vienna: http://www.opec.org/opec_web/en/multimedia/349.htm
OPEC DECISION: OPEC prepared to keep oil output limits on hold on Thursday, powerless to do anything other than leave lead producer Saudi Arabia to decide whether to scale back supplies to stem a slide in prices below $100 a barrel. Most in the Organization of the Petroleum Exporting Countries want Saudi to cut back to an agreed collective limit to defend $100 crude. Riyadh is keen to prevent high fuel costs hampering a return to stronger economic growth in the West. Extra oil from Saudi is largely responsible for lifting OPEC output to 31.6 million bpd, well in advance of the group’s formal 30-million-bpd target.
For Members & Visitors,Please Note that our Crude Call was Achieved Updated @15.06.12,08:30 Am
|6/14/2012 18:02||Book Profit in Crude Oil,Target1 is About to Achieved,Cmp:4601 Profit:2400 per lot – www.Commodity20.com|