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Oil prices edge up on expectation of OPEC-led production cut

Oil costs edged up on Wednesday in hope of an OPEC-led crude production cut that is wanted to be concluded before the month's over, through trading was thin in front of the US Thanksgiving occasion on Thursday.

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US West Texas Intermediate (WTI) crude ooil futures were exchanging at $46.13 at 0128 GMT, up 10% from their last settlement.

Global Brent crude oil futures were at $49.22 a barrel, up 10%. Brent could ascend to $49.85 per barrel, a level set apart by a few specialized resistance components. 

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Regardless of Wednesday's slight expands, analysts said that the market was as of now unwilling to push crude costs to $50 a barrel or higher.

"Today's (US) EIA Crude Inventory numbers should to give a welcome, yet impermanent sideshow to the OPEC headliner. Else, we predict that Asia will proceed with the sideways exchanging ranges,"

MCX Trading Tips with Performance of Crude in June

Crude falls 3%, but ends June with one of strongest quarters in 7 years

Crude futures retreated from two-week highs on Wednesday, amid heavy profit taking, but still ended the second quarter with one of its strongest three-month rallies in seven years, amid a host of global supply disruptions in recent weeks. 

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Crude Oil to trade in 3099-3319

Crude Oil trading range for the day is 3099-3319.    

Crude oil gained amid a looming strike in Norway threatened to cut output in Western  Europe's biggest producer.    About 755 Norwegian workers on seven oil and gas fields could go on strike from  Saturday, hitting output if a new wage deal is not agreed before a Friday deadline.    Combined oil output was about 285,000 barrels per day in the first four months of the  year. 

MCX SUPPORT & RESISTANCE LEVEL 

CRUDE OIL JUNE FUTURE

 R2 –3480

R1-3400

S1-3235

S2-3140

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Oil prices rise on looming Norway strike; Brexit still weighs

Oil prices rose in early trading in Asia on Tuesday as a looming strike in Norway threatened to cut output in western Europe's biggest producer, although Britain's vote to leave the European Union was still weighing on markets. About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer, if a new wage deal is not agreed before a Friday deadline.

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Oil prices fall as Brexit lingers, refined products glut looms

Oil prices dropped on Monday, extending sharp declines after Britain's vote to leave the European Union sparked a sharp selloff in global markets on Friday. Global financial markets plunged on Friday as results from a referendum defied bookmakers' odds to show a 52 percent to 48 percent victory for the campaign to leave a bloc Britain joined more than 40 years ago. Brent crude futures were down 15 cents at USD 48.26 a barrel by 0238 GMT on Monday, after settling down USD 2.50, or 4.9 percent, at USD 48.41 on Friday. US crude was down 25 cents at USD 47.39 a barrel, after closing down USD 2.47, or 4.9 percent, on Friday.

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Spot gold up 1%, investors seek safe-haven after 'Brexit' vote 

Spot gold prices climbed more than 1 percent on Monday as aftershocks from Britain's vote to leave the European Union pushed investors towards the safe-haven asset. The result of the British vote forced the resignation of Prime Minister David Cameron and dealt the biggest blow since World War Two to the European project of forging greater unity.

Spot gold had risen 1.30 percent to USD 1,332.55 an ounce by 0055 GMT, after touching a high of USD 1,335.30 earlier in the day. Bullion prices surged by 4.8 percent in the previous session to top out at USD 1,358.20 - the highest since March 2014.

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How Britain Votes Effect on Oil Market

World oil costs dove over USD 2.00 a barrel on June 24 in the midst of a surging dollar and financial markets turmoil after Britain's shock vote to leave the European Union.

Around 1440 GMT, both the US and London benchmark crude futures contracts were down four percent or more, subsequent to having ripped at back sharper losses from prior in the day.

Britain's historic vote to pull back from the European Union sent shivers through worldwide markets today in the midst of worries about the decision's negative effect on the worldwide economy.

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