Sell crude, if it breaks the lower end of the range, which is around $64, said T Gnanasekar, CommTrendz Research.
Speaking to CNBC-TV18's Surabhi Upadhyay, Gnanasekar said that yesterday’s inventory data of crude oil was quite a surprise as the markets were expecting a draw of close to 1.9 million barrels, but it turned out to be a big draw. So I think that positive surprise led to some short covering in the first place.
Gnanasekar said, "All eyes are on next week’s meeting between Saudi Arabia and Russia. So, news flows are going to dominate going forward. As of now, prices have a mild bullish bias going into the meeting, but next week you need to see how the news flows pan out."
He also spoke at length about gold and silver prices.Disclaimer:
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