By Nirmal Bang

MARKET ROUNDUP

- Crude oil futures gained about 2 percent on NYMEX on Monday as we saw risk appetite coming back in markets after the fiasco in Dubai seems to be settling down. Weaker dollar also triggered fresh buying in crude oil. Natural gas futures lost about 7 percent on NYMEX and MCX.

IN FOCUS

- OPEC oil supply rose in November to its highest this year, boosted by increased output from Nigeria, the United Arab Emirates and Saudi Arabia.

- Nigerian supply rose by 60,000 bpd, the most in the group, as exports continued to recover after a lull in disruptions caused by militant attacks.

- U.S. oil demand in September was 2.74 percent less than previously estimated, the government said on Monday, dampening the outlook for a strong recovery in petroleum consumption.

- September U.S. petroleum consumption was lowered 518,000 barrels per day to 18.362 million bpd, the Energy Information Administration said in its monthly petroleum supply report.

- A leak from a pipeline near Alaska's giant Prudhoe Bay oil field had only a minor impact on North Slope oil production, an effect that was rapidly being erased, according to BP Plc, operator of the field, on Monday

FUNDAMENTAL OUTLOOK

- Crude oil futures settled up on Monday backed by weaker dollar and geo-political tensions emerging between Iran and US. Natural gas lost substantial ground on Monday as mild weather forecasts pressurized natural prices. We expect crude oil to trade firm early in the session and may witness some upside later in the day.