Commodity Talk: Currency fluctuations to keep oil prices volatile, says Anuj Gupta of IIFL Securities

Traders and investors should be cautious while trading in crude oil futures due to currency fluctuations, according to Anuj Gupta, the VP of commodity and currency research at IIFL Securities. Although Saudi Arabia has said it will start reducing its daily oil output to help stabilise the oil markets, Gupta advises traders and investors to buy on dips for mid to long term as the demand for crude oil is expected to increase. Gupta predicts that crude oil prices are likely to remain range-bound, with prices expected to test $80 to $85 levels in the near term.