Oil To Display Volatility Ahead Of OPEC Meeting

Crude oil prices may display volatility today owing to the OPEC meeting and US inventory report. Thee expected inventory for crude oil is a fall of 0.9 million barrels.

The 2-day GCC meeting in Doha, which concluded yesterday, declared that the countries will not revaluate their currencies against the dollar also weighed on oil prices. The leaders of the Gulf Cooperation Council (GCC) showed concerns over the sliding US dollar.

MCX crude oil is trading Rs 3497 per barrel up Rs 29 in the early morning trades. Prices may find first resistance at Rs 3520-25 with the support at Rs 3465.

Nymex crude for the January contract is trading up a marginal 4 cents at $88.7 a barrel in the after hours electronic session.