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Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 12.64% to settled at 8565 while prices down 58 rupees.
Now MCX Crude Oil is getting support at 4638 and below same could see a test of 4590 levels and resistance is now likely to be seen at 4749, a move above could see prices testing 4812.
Crude Oil on MCX settled down 1.22% at 4686 as prices pulled back, giving up gains from the previous session as trade concerns weighed on the market and fuelled concerns about demand.
Fears that Chinese demand could taper fuelled the pullback on Friday after state oil major Sinopec cut its purchases of U.S. crude.
China’s Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States due to the growing trade spat between Washington and Beijing, three sources familiar with the situation said. Saudi Arabia’s crude oil production in July was around 10.290 million barrels per day, two OPEC sources said.
The amount of oil supplied to the market in July was slightly higher at 10.380 million bpd, the sources said. Supply to the market — both domestically and for exports — may differ from production depending on the movement of barrels in and out of storage.
Saudi Arabia told OPEC that it pumped 10.488 million bpd of crude oil in June, an increase of 458,000 bpd from the production figure it submitted for May. China’s Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said.
China’s crude oil imports from the United States reached an average of 334,880 bpd in the first eight months of this year, according to data.
Trading Ideas:
–Crude Oil trading range for the day is 4590-4812.
–Crude oil pulled back, giving up gains from the previous session as trade concerns weighed on the market and fuelled concerns about demand.
–Saudi Arabia’s crude oil production in July was around 10.290 million barrels per day, two OPEC sources said.
–The amount of oil supplied to the market in July was slightly higher at 10.380 million bpd, the sources said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
