Expect Crude Oil to trade negative: Sushil Finance

Sushil Finance's commodity report on Crude Oil

Oil fell more than D 1 a barrel on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years. Iraq announced its exports rose slightly in September while a Reuters survey showed OPEC overall boosted output.The rally had also been driven by signs that a three-year crude glut is easing, helped by a production cut deal among global producers led by the Organization of the Petroleum Exporting Countries.

Outlook

We expect crude oil prices to trade negative on the back of profit booking after sharp up-move.

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