Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 23.38% to settled at 8273 while prices down 79 rupees.
Now MCX Crude Oil is getting support at 5742 and below same could see a test of 5668 levels, and resistance is now likely to be seen at 5923, a move above could see prices testing 6030.
Crude Oil yesterday settled down by 1.34% at 5816 weighed down by growing inventory stock levels and growth concerns. U.S. crude stocks and gasoline inventories rose while distillate inventories fell, the Energy Information Administration said.
Crude inventories rose by 2.3 million barrels in the week to Oct. 1 to 420.9 million barrels, compared with expectations for a 418,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.5 million barrels in the last week, EIA said.
Refinery crude runs rose by 329,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 1.5 percentage points, in the week. The American Petroleum Institute (API) reported crude oil inventories in the United States rose by 951,000 barrels in the week to Oct. 1.
The API said gasoline inventories rose by 3.682 million barrels in the week while stockpiles of distillate fuel, including diesel fuel and heating oil, climbed 345,000 barrels.
The API said crude oil stockpiles at Cushing, Oklahoma, the delivery point for U.S. oil futures, climbed by 1.999 million barrels during the week. U.S. crude oil production increased by 31,000 barrels per day in July to 11.307 million bpd, up from a revised 11.276 million bpd in June.
–Crude Oil trading range for the day is 5668-6030.
–Crude Oil dropped weighed down by growing inventory stock levels and growth concerns.
–EIA data showed crude stockpiles grew by 2,346 thousand barrels last week, the second weekly gain.
–Crude inventories rose by 2.3 million barrels in the week to Oct. 1 to 420.9 million barrels.
Courtesy: Kedia Commodities
Source: Comodity Online