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New York
Friday, July 1, 2022

MCX Crude Oil under fresh buying; Resistance seen at 4754

MCX Nickel likely to move in a range of 910.2-942.8

MCX Zinc under short covering; Support seen at 176.9

MCX Copper may move in a range of 411.9-425.7

MCX Natural Gas under fresh selling; Support seen at 189.5

MCX Silver under short covering; Support seen at 38157

Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 2.21% to settled at 8090 while prices up 8 rupees.

Now MCX Crude Oil is getting support at 4664 and below same could see a test of 4620 level, And resistance is now likely to be seen at 4754, a move above could see prices testing 4800.

Crude Oil on MCX settled up 0.17% at 4707 by a weaker dollar and signs of tightening in U.S. output.  Saudi Arabia’s exports would fall in August renewed expectations for a global shortage in crude supplies.

Saudi Arabia’s OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to fall by about 100,000 barrels per day in August as it limits excess production. Oil prices were also boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, citing energy information provider Genscape.

Despite today’s gains, oil prices were set to drop for the week amid trade conflict between the U.S. and China, the world’s two biggest oil users. Traders remained concerned that lower oil demand in the U.S. and China caused by an economic slowdown from their trade war would have significant impacts on the market.

Lower oil demand in the United States and China caused by an economic slowdown from their trade war would have oversized impacts on the market. Oilfield services firm Baker Hughes reported on Friday that the number of U.S. oil drilling rigs in operation fell by 5 to 858.

That was the first decline in nearly one month, pointing to signs of tightening U.S. output. Signs of tightening U.S. output come at a time when investors continue to weigh up the prospect of a global shortage in supplies, despite Saudi Arabia’s pledge to hold off flooding the market with supplies.

Trading Ideas:
–Crude Oil trading range for the day is 4620-4800.
–Crude Oil prices gained by a weaker dollar and signs of tightening in U.S. output.
–Oil prices were also boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels.
–Saudi Arabia’s OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to fall by about 100,000 barrels per day in August.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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