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Technically Crude Oil market is under short covering as market has witnessed drop in open interest by 7.95% to settled at 9235 while prices up 24 rupees.
Now MCX Crude Oil is getting support at 4029 and below same could see a test of 3998 level, And resistance is now likely to be seen at 4088, a move above could see prices testing 4116.
Crude Oil on MCX settled up 0.59% at 4061 as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply. Prices also seen supported fueled by production curbs by OPEC and its partners along with U.S. sanctions on Iran and Venezuela that have tightened global supplies this year.
U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27. The Organization of the Petroleum Exporting Countries and some non-aligned producers including Russia have been withholding oil supply since the start of the year to tighten global markets.
Meanwhile, a political and economic crisis worsened by U.S. sanctions has slashed Venezuelan crude exports. Two sources told Reuters that the United States also aims to curb Iran’s crude exports by about 20 percent to below 1 million barrels per day (bpd) from May, likely reining in waivers for Tehran’s remaining customers.
The U.S. Energy Information Administration (EIA) said U.S. commercial crude oil inventories fell last week as refineries hiked output. The U.S. Energy Information Administration reported that crude oil inventories fell by 3.86 million barrels in the week to March 8 versus forecasts for a stockpile build of 2.66 million. In the previous week, inventories surged by 7.07 million barrels.
–Crude Oil trading range for the day is 3998-4116.
–Crude Oil gained as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply.
–Prices also seen supported fueled by production curbs by OPEC and its partners along with U.S. sanctions on Iran and Venezuela.
–OPEC leave its 2019 global oil demand growth forecast unchanged at 1.24mbpd.
Courtesy: Kedia Commodities