David Lennox of Fat Prophets, on Tuesday, said that Brent is likely to remain in the USD 70-75 per bbl range, going ahead.

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India's commodity markets saw sharp activity in the energy and metals pack on Monday, September 13. While crude oil and aluminium futures were in high demand on Multi Commodity Exchange (MCX), nickel and rubber witnessed selling. Among precious metals, gold and silver were trading mixed.

“There is probably not a lot to go to the upside. We think up to USD 74 per bbl will be where trades happen in Brent and we would not be looking for much to the downside, unless we start to see some significant changes in production,” Lennox said in an interview to CNBC-TV18.

Also Read: Expect Brent crude to be rangebound between $60-72/bbl: XM Australia

On metals, he said, “We have seen significant demand for various commodities starting to pick up and that demand has not been met by the same supply rush. So we have seen prices, such as in copper, nickel, and now in aluminium, really starting to shine to the topside.”

For the entire interview, watch the video

(Edited by : Dipika Ghosh)