13.3 C
New York
Thursday, December 2, 2021

MCX Crude Oil may trade in a range between 4753-4895

MCX Copper likely to trade between 414-429.6 levels

MCX Natural Gas may trade in a range between 198.3-203.5

Silver market under long liquidation; Support seen at 36965

Gold market under short covering; Support seen at 29946

MCX Cotton under short covering

Technically now Crude Oil is getting support at 4781 and below same could see a test of 4753 levels and resistance is now likely to be seen at 4852, a move above could see prices testing 4895.

Crude Oil on MCX settled down -0.35% at 4809 as gains on the back of the US-Mexico trade deal waned and focus shifted to fresh supply data expected to show a slower pace of crude inventory drawdowns.

Crude oil prices reversed their gains from a day earlier, which had followed confirmation of a U.S.-Mexico trade deal, in which energy trade is reportedly a key component of the pact. Crude prices have been supported by the prospect of U.S. sanctions against Iran, which will start to target its oil industry from November.

Bowing to pressure from Washington, many crude buyers have already reduced orders from OPEC’s third-biggest producer. Despite Tehran offering steep discounts, the total volume of crude oil, including condensate, to load in Iran this month is estimated at 64 million barrels, or 2.06 million barrels per day (bpd), versus a peak of 92.8 million barrels, or 3.09 million bpd, in April.

Adding to that will be new production in Canada, Brazil and from the United States, which the bank said “should provide a substantial boost to non-OPEC supplies” during the second-half of the year “taming upside pressures on Brent crude oil prices”.

Bank of America said it expected Brent prices to be in a $65 to $80 per barrel range “until Iran sanctions start to bite” in the first-half of 2019. In the United States, crude oil inventories rose by 38,000 barrels to 405.7 million barrels in the week to Aug. 24, industry group the American Petroleum Institute said on Tuesday.

Trading Ideas:
–Crude oil trading range for the day is 4753-4895.
–Crude oil prices settled lower as gains waned and focus shifted to fresh supply data expected to show a slower pace of crude inventory drawdowns.
–OPEC found that oil producers participating in a supply-reduction agreement, which includes Russia, cut output in July by 9 percent more than called for.
–OPEC and its allies agreed in late 2016 to cut output from 2017 by around 1.8 million barrels per day (bpd) versus October 2016 levels.

Courtesy: Kedia Commodities

Source: Commodityonline.com

Related Articles

Stay Connected

10,921FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles