Brent crude cools off to USD 114.5/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

Crude came off its highs - WTI touched a low of USD 104.5/barrel from a high of USD 107/bbl on Monday. London Brent crude was stable at USD 115/bbl, which was trading at USD 114.5 a barrel in morning trade today.

Al Jazeera reports said that Libyan leader Gaddafi offered to relinquish power. Interim rebel council said to have rejected the offer.

OPEC held informal consultations on oil prices - Saudi has upped output to 9 mbpd. API inventory report will be out today.

MENA tensions weighed heavily on base metals. LME Copper saw a 4% fall yesterday, which was stabilizing with 0.5% gain this morning. LME Copper inventory was highest since July last year.

Shanghai Copper was down 3% today. Marginal profit booking was seen in precious metals.

Angel Commodities advised to:

- Buy crude MCX March contract at Rs 4700 a barrel, with a target of Rs 4800 and keep a stoploss of Rs 4650.