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New York
Wednesday, May 25, 2022

MCX Crude Oil under fresh selling; Support seen at 3832

MCX Gold under fresh buying; Support seen at 32943

MCX Silver under fresh buying; Resistance seen at 40784

MCX Natural Gas may move in a range of 193.7-212.5

MCX Copper may trade between 433.3-442.1 levels

MCX Zinc under Fresh buying; Support seen at 192.9

Technically Crude Oil market is under fresh selling as market has witnessed gain in open interest by 10.29% to settled at 11484 while prices down 37 rupees.

Now MCX Crude Oil is getting support at 3832 and below same could see a test of 3795 level, And resistance is now likely to be seen at 3922, a move above could see prices testing 3975.

Crude Oil dropped on profit booking after prices gained amid lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

A report from the U.S. Energy Information Administration (EIA) showed a drop in Saudi crude supply to the United States. Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA’s weekly report showed that U.S. imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd).

Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices.

“U.S. stockpiles may continue to fall as Saudi Arabia continues to trim exports to the U.S.” U.S. crude oil stockpiles climbed less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed production, the Energy Information Administration said. U.S. sanctions imposed on Venezuela’s state-oil firm PDVSA are also causing some supply disruptions.

Venezuela’s oil inventories have started to build up at the country’s ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to U.S. sanctions imposed earlier this week.

Trading Ideas:
–Crude Oil trading range for the day is 3795-3975.
–Crude Oil dropped on profit booking after prices gained amid lower imports into the United States amid OPEC efforts to tighten the market.
–EIA’s weekly report showed that U.S. imports from Saudi Arabia fell by more than half from the previous week.
–A report from the U.S. Energy Information Administration (EIA) showed a drop in Saudi crude supply to the United States.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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