Buy Crude Oil on dips for intraday: Nirmal Bang

Nirmal Bang has come out with its report on Crude Oil. According to the research firm, Crude Oil prices are trading higher on NYMEX today. Expect a further rise in the prices of oil on account of a lower output from key producing nations. Buying at dips is recommended for the day.

Crude oil prices edged up on Friday in choppy trading after supportive jobs data and high priced ethanol credits caused gasoline futures to surge more than 2 percent.  Saudi Aramco cut April official selling prices (OSPs) for its Asian buyers for all but its Arab Super Light grade, while Abu Dhabi National Oil Co (ADNOC) raised retroactive OSPs for all but its heavy grade for February. 

Top oil exporter Saudi Arabia pumped 9.15 million barrels per day of crude oil in February, an industry source said on Saturday, slightly up from the 9.05 million bpd it produced in January.  Chinese refineries processed 3 percent more crude oil in the first two months of the year at 80.65 million tonnes compared with a year earlier, data from the National Statistical Bureau (NSB) showed on Saturday.

Valero Energy Corp.'s 132,000 barrel per day (bpd) San Francisco Bay-area refinery in Benicia, California, reported flaring on Sunday, according to a notice the refinery filed with California pollution regulators. Gas flows from Libya into Italy have gradually resumed and should return to normal levels by the end of the week after being disrupted by fighting, the chairman of Libya's National Oil Corporation (NOC) said on Sunday.

Fundamental Outlook:

Crude oil prices are trading higher on NYMEX today. We expect a further rise in the prices of oil on account of a lower output from key producing nations. Buying at dips is recommended for the day.

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