Crude Oil prices may trade with positive bias: Nirmal Bang

Nirmal Bang has come out with its report on Crude Oil. According to the research firm, Crude oil is trading firm on NYMEX today. Expect prices to trade positive for the day as promising data out of the world's top two oil consumers revived demand growth hopes in a well-supplied market. 

Crude oil slipped on Friday in choppy trading as Europe's economic problems and uncertainty about budget wrangling in the United States put pressure on crude futures after a brief rally on a supportive U.S. jobs report.  China's crude oil imports in November rose 3 percent from a year earlier to about 5.69 million barrels per day, the second highest daily rate on record, as oil firms started new refining units to raise the processing rate. Iraq, the world's fastest growing crude exporter, expects more quick gains next year as foreign companies push production towards the highest level ever, Iraqi Oil Minister Abdul-Kareem Luaibi said on Sunday.

Libya could proceed with a new round of oil exploration and production agreements in the current transitional period but the priority for now is to maintain pre-war output levels and future targets, the OPEC member's new oil minister told Reuters.  Hedge funds and other large speculators increased their bets on higher oil prices for the third straight week in the seven days to December 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday, extending the rebound from a two-year low hit during November.

Fundamental Outlook:

Crude oil is trading firm on NYMEX today. We expect prices to trade positive for the day as promising data out of the world's top two oil consumers revived demand growth hopes in a well-supplied market. 

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