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Sunday, October 24, 2021

MCX Crude Oil under fresh buying; Support seen at 6043

Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 6.69% to settled at 10446 while prices up 166 rupees.

Now Crude Oil is getting support at 6043 and below same could see a test of 5980 levels, and resistance is now likely to be seen at 6181, a move above could see prices testing 6256.

Crude Oil yesterday settled up by 2.79% at 6107 as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.

Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity, with Brent advancing for five weeks and U.S. crude for seven.

The pace of economic recovery combined with cold weather have increased the demand for energy, while pressure on governments to accelerate the transition to cleaner energy have slowed investment in oil projects to boost supplies.A fire broke out at a fuel storage tank in the Zahrani oil facility in southern Lebanon, and firefighters were attempting to control the blaze.

The Lebanese army was evacuating the region amid fears that the fire would spread and cause an explosion.Kuwait dropped the official selling prices (OSPs) for two crude grades it sells to Asia for a second straight month in November.

The producer has set November Kuwait Export Crude (KEC) price at 90 cents a barrel above the average of Oman/Dubai quotes, down 35 cents from the previous month. Drillers in the United States added five new oil wells last week for the fifth straight weekly increase in oil and gas rigs.

Trading Ideas:
–Crude Oil trading range for the day is 5980-6256.
–Crude Oil prices rose as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.
–Oil storage tank on fire in southern Lebanon.
–Kuwait drops crude prices for Asia for 2nd month in Nov.

Courtesy: Kedia Commodities

Source: Comodity Online

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