8.3 C
New York
Friday, December 3, 2021

MCX Crude Oil under fresh buying; Resistance seen at 5601

MCX Gold under fresh buying; Support seen at 31380

MCX Silver may trade between 38471-39761 levels

MCX Natural Gas under long liquidation; Support seen at 229.5

MCX Copper under fresh selling; Resistance seen at 460.2

MCX Zinc under Fresh buying; Support seen at 195

Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 0.5% to settled at 17020.

Now MCX Crude Oil is getting support at 5479 and below same could see a test of 5413 level, And resistance is now likely to be seen at 5601, a move above could see prices testing 5657.

Crude Oil on MCX settled up 1.08% at 5546 amid concern that Saudi Arabia and Russia may not pump enough crude to prevent a supply crunch as Iranian cargoes disappear from world markets. The gains helped claw back some of the losses from the previous session due to rising U.S.

Inventories and after Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran. U.S. sanctions will start targeting Iran’s crude exports from November 4, and Washington is putting pressure on governments and companies globally to fall in line.

Financial traders have accumulated bullish long positions betting on a further rise in prices amounting to almost 1.2 billion barrels of oil.

Meanwhile, the number of short positions in the six most important petroleum futures and options contracts has fallen to the lowest level since before 2013, creating a near-record imbalance between bullish and bearish positions in financial crude markets.

Iranian official said that the recent surge in oil prices offset the impact of the U.S. sanctions on the oil exporter. Mohammad Baqer Nobakht, head of Iran’s Planning and Budget Organization, said that the country’s oil revenues rose 16% in the past six months.”

Russia’s Energy Minister Alexander Novak said that oil prices can reach $100 a barrel in the near future due to the number of uncertainties, but he reckoned that this will not be good for the global economy, producers or customers.

Trading Ideas:
–Crude Oil trading range for the day is 5413-5657.
–Crude Oil gains amid concern that Saudi Arabia and Russia may not pump enough crude to prevent a supply crunch as Iranian cargoes disappear from world markets.
–Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran.
–U.S. sanctions will start targeting Iran’s crude exports from November 4, and Washington is putting pressure on governments and companies globally to fall in line.

Courtesy: Kedia Commodities          

Source: Commodityonline.com

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