Crude oil cools off to USD 97/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Crude ended well off intraday highs yesterday, ended down 0.8% at USD 97.28 a barrel after hitting USD 103.4 a barrel during the day. There were reports that Saudi Arabia is in talks with European refiners to fill Libya gap. There was a USD 2 a barrel plunge post a rumour of Gaddafi having been shot down.

ENI, Libya's top producer says country has lost 75% of output. International Energy Agency says 1% of global output was down. Crude oil is currently trading at USD 97.2 barrel.

LME Copper saw a month low of USD 9311/tonne. Better-than-expected jobless claims aided pull back. Copper was marginally in the green this morning.

Gold saw a session high of USD 1418.8/ounce yesterday, which came off highs post cool down in crude. Its all time high was USD 1432.5/ounce.

Data to watch
-Second reading of Q4 GDP
-Consumer Sentiment for February

Commtrendz advised to:
-Buy Gold MCX April contract at Rs 21000 per 10 gram, with a target of Rs 21300 and keep a stoploss of Rs 20900.