INTERNATIONAL COMMODITY NEWS :
Oil prices slumped in early Asia on Monday as the supply outlook remains robust despite a sustained drop in prices of more than 50% in the past six months.On the New York Mercantile Exchange, crude oil for delivery in February eased 0.78% at $48.75 a barrel. Last week, oil prices rallied sharply on Friday, as bullish comments made by the International Energy Agency helped ease concerns over a glut in global supplies. For the week, New York-traded oil futures inched up 33 cents, or 0.67%, the first weekly gain in eight weeks.Elsewhere, on the ICE Futures Exchange in London, Brent for March delivery jumped $1.90, or 3.94%, to settle at $50.17 a barrel on Friday.The International Energy Agency cut its forecast for the increase in non-OPEC oil supply this year by 350,000 barrels a day, amid indications lower prices had begun to curb output in some areas, including North America.
TRADING STRATEGY :
BUY GOLD ABOVE 1285 TARGET 1290 1296 SL 1279
SELL GOLD BELOW 1272 TARGET 1267 1261 SL 1278
Oil prices slumped in early Asia on Monday as the supply outlook remains robust despite a sustained drop in prices of more than 50% in the past six months.On the New York Mercantile Exchange, crude oil for delivery in February eased 0.78% at $48.75 a barrel. Last week, oil prices rallied sharply on Friday, as bullish comments made by the International Energy Agency helped ease concerns over a glut in global supplies. For the week, New York-traded oil futures inched up 33 cents, or 0.67%, the first weekly gain in eight weeks.Elsewhere, on the ICE Futures Exchange in London, Brent for March delivery jumped $1.90, or 3.94%, to settle at $50.17 a barrel on Friday.The International Energy Agency cut its forecast for the increase in non-OPEC oil supply this year by 350,000 barrels a day, amid indications lower prices had begun to curb output in some areas, including North America.
TRADING STRATEGY :
BUY GOLD ABOVE 1285 TARGET 1290 1296 SL 1279
SELL GOLD BELOW 1272 TARGET 1267 1261 SL 1278
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