Crude futures are trading down

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Brent oil futures for Dec delivery are trading 71 cents or 0.783 pct down to $90.01 a barrel while WTI oil Nov futures prices are dipped 38 cents or 0.428 pct to $88.44 a barrel on Tuesday morning during Asian hours. Both the benchmarks fell around 1 pct yesterday on strong dollar. On the technicals side, Portfolio managers seems to have finished buying in petroleum futures and options on crowded buying amid rally is moving towards $100 mark. Hedge funds and other money managers became net sellers on profit taking over the seven days ending with Sep 26th. OPEC+ meeting and the group’s decision over productions cuts are in focus in this week. API estimations and EIA confirmations are awaited in the middle of the week.

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