US West Texas Intermediate (WTI) crude oil futures were trading at USD 51.44 per barrel at 0122 GMT, down 16 cents from their last close. Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in US stocks and an expectation of an OPEC-led cut in production. US West Texas Intermediate (WTI) crude oil futures were trading at USD 51.44 per barrel at 0122 GMT, down 16 cents from their last close. International Brent crude futures were trading at USD 52.64 per barrel, down 3 cents. Traders said that the price dips were a result of profit taking following a rally the previous day, which saw WTI settle at a 15 month high, fueled by a reduction in US crude stocks by 5.2 million barrels in the week ended Oct. 14 to 468.7 million barrels. "Oil prices continued to rise overnight on optimism over OPEC supply restraint and weaker-than-expected inventories," ANZ bank said on Thursday. The overall mood in oil markets remained confident, with most analysts expecting further increases. Reuters technical commodity analyst Wang Tao said US oil is expected to break a resistance zone of USD 51.67-USD 52.11 per barrel, and then rise towards USD 52.78, while Brent oil may stabilize around a support at USD 52.49 per barrel and then retest a resistance at USD 53.45. The Organization of the Petroleum Exporting Countries (OPEC) plans to meet on Nov. 30 and hopes to decide on a half a million to one million barrels per day oil production cut, and the producer cartel hopes that non-OPEC exporters, especially Russia, will cooperate. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
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