27.6 C
New York
Tuesday, August 16, 2022

Crude Oil market under short covering; Support seen at 4572

MCX Cotton under fresh selling; Resistance seen at 22430

MCX Cardamom under fresh buying; Support seen 1415.2

NCDEX Jeera likely to move in a range of 20740-21780

NCDEX Turmeric under fresh buying; Resistance seen at 6748

NCDEX Mustard Seed may trade between 4133-4191 levels

Technically Crude Oil market is under short covering as market has witnessed drop in open interest by 6.1% to settled at 13992 while prices up 25 rupees.

Now MCX Crude Oil is getting support at 4572 and below same could see a test of 4511 levels and resistance is now likely to be seen at 4689, a move above could see prices testing 4745.

Crude Oil on MCX settled up 0.54% at 4634 after seen pressure as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers. Prices came under pressure as it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions.

Trump on Monday said he wants to impose sanctions on Iran’s oil gradually, citing concerns about shocking energy markets and causing global price spikes. U.S. officials have said the aim of the sanctions is eventually to stop all Iran’s oil exports.

At the same time, output from the world’s top-three producers, Russia the United States and Saudi Arabia, is rising. Output from these three countries in October exceeded 33 million barrels per day (bpd) for the first time, meaning they alone meet more than a third of the world’s almost 100 million bpd of crude oil consumption.

Hedge fund managers were net sellers of petroleum-linked futures and options for a fifth week running last week as concerns about sanctions on Iran evaporated and investors refocused on economic worries.

The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to Oct. 30. Portfolio managers have been net sellers of 371 million barrels since the end of September, taking their net long position to the lowest level for 15 months, according to records published by regulators and exchanges.

Trading Ideas:
–Crude Oil trading range for the day is 4511-4745.
–Crude Oil recovered after seen pressure as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers.
–Prices came under pressure as it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions.
–The United States said it will temporarily allow eight importers to keep buying Iranian oil.

Courtesy: Kedia Commodities

Source: Commodityonline.com

Related Articles

Stay Connected

11,289FansLike
12,893FollowersFollow
748FollowersFollow
- Advertisement -

Latest Articles

Popular Articles