MARKET OUTLOOK OF CRUDEOIL 17 FEB 2016

NICKEL HIT FIRST TGT 572 MADE HIGH OF 573.10!!!!!!!!!!!!

“SELL CRUDEOIL BELOW 2040 TGT 2010/1980 SL 2065”

Crude Oil: Oil prices traded lower on Tuesday, with Brent prices declining by around 4.6 percent to close at $30.6 per barrel after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them. Benchmark Brent prices jumped briefly through $35 a barrel after Russia and Saudi Arabia agreed to keep output at January levels, in what could be the first joint OPEC and non-OPEC deal in 15 years. Qatari energy minister Mohammad bin Saleh al-Sada said the step would help to stabilize the oil market, which has experienced price declines not seen since the early 2000s because of a supply glut. On the MCX, oil prices declined by 2.2 percent to close at Rs.1992 per barrel. API inventory estimates Due to a U.S. holiday on Monday, the API will release its data a day later than normal on Wednesday, while the EIA's data is also delayed to Thursday. Outlook The OPEC meeting yesterday pinned all the hopes as they decide to maintain the production at around 31.6 mbpd (the January level) which is way higher than their actual targeted production of around 30 mbpd. Markets are filled with extra supplies and with Iran back on track after sanctions. On the MCX, oil prices are expected to trade lower today.