Expect oil prices to trade lower: Angel

OPEC has been reluctant to give up market share to boost tumbling oil prices, with Saudi Arabia stepping back from its historic role as a swing producer.

On the MCX, oil prices declined by 3.7 percent and closed at Rs.3414/Mmbtu.

Natural gas

U.S. natural gas futures jumped 3.57 percent on Monday, the biggest daily leap in more than a month, on forecasts for colder temperatures that could boost demand for heating.

On the MCX, oil prices gained by 6.2 percent and closed at Rs.203.80/MMbtu.

Outlook

On an intraday basis, we expect oil prices to trade lower as the reluctance by the OPEC to curtail its crude output and fears of global oversupply will dominate the scenario. Market share has been at the top of its mind for OPEC as the group wants to put a break on growing shale supplies from the US.

On the MCX, oil prices will trade lower in tandem with fall in the international markets.

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