MUMBAI (Commodity Online): Crude oil futures for February delivery on India's Multi Commodity Exchange (MCX) is positive as the Organization of the Petroleum Exporting Countries (OPEC) elevated its 2013 world crude oil demand forecast. Weak US dollar also supported futures.
?For intra-day, MCX crude oil is expected to trade bullish. Support is there at 5220 while 5300 is resistance,? said Amrita Mashar, Research Analyst at Commodity Online.
?Traders are advised to buy near 5250 with stop loss of 5220 for target near 5280,? she added.
MCX crude oil for February delivery was up by 0.19 percent at Rs.5257 per barrel as of 05.13 PM IST on Wednesday.
Crude oil is expected to change its direction after the release of weekly supply data on U.S. stockpiles of crude and refined products by Energy Information Administration (EIA) due for the evening.
U.S. crude oil stockpiles are expected to rise by 2.4 million barrels for the last week, while gasoline inventories are forecast to increase by 0.3 million barrels.
Earlier, the OPEC said that, the world crude oil demand would touch 29.8 million barrel in 2013, an up of 0.3 percent.
Meanwhile, the American Petroleum Institute stated that U.S. crude inventories fell by 2.3 mn barrels last week, while gasoline stocks declined 0.81 mn barrels.
Ongoing political unrest in the middle east has also supported crude oil to move up.
Crude Oil futures for March delivery on New York Mercantile Exchange (NYMEX) was up by 0.17 percent at $ 97.67 per barrel as of 05.23 PM IST on Wednesday.
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