Crude oil after falling to Rs 2,839 level on MCX has bounced back around Rs 3,300 level. It is trading in its comfort zone of $47-$53.
We believe after such a roller coaster ride, crude oil will go into hibernate ahead of May 25 meeting of Opec (Organisation of the Petroleum Exporting Countries) and non-Opec nations in Vienna, which is widely expected to extend a pact to curb oil output.
Until now Saudi Arabia were living in denial, stating they expected no US shale oil response in 2017. Read more