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Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 0.45% to settled at 8017 while prices up 69 rupees.
Now MCX Crude Oil is getting support at 4661 and below same could see a test of 4609 levels and resistance is now likely to be seen at 4774, a move above could see prices testing 4835.
Crude Oil looks to remain under pressure after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook. U.S. crude inventories rose unexpectedly last week, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high.
U.S. crude oil production and storage levels both rose last week, which traders said had pulled prices down. Output of U.S. crude rose by 100,000 barrels per day (bpd) in the week ending Aug. 10, to 10.9 million bpd, according to the U.S. Energy Information Administration (EIA) weekly production and storage report.
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At the same time, U.S. crude inventory levels climbed by 6.8 million barrels, to 414.19 million barrels, the EIA said. While supply rose in the United States, Asia’s emerging markets were showing signs of economic slowdown due to trade disputes with the United States and currency weakness, dragging on oil market sentiment.
Thursday’s market moves followed in the slipstream of a statement by China’s Ministry of Commerce that it would send a delegation led by vice commerce minister Wang Shouwen to the United States for trade talks in late August.
The talks are at the invitation of the United States and will be held with U.S. Under Secretary of Treasury for International Affairs David Malpass, the commerce ministry said. Still, sentiment in oil markets was broadly cautious due to a rise in U.S. crude production and storage levels and weakness in emerging economies, especially in Asia.
Trading Ideas:
–Crude oil trading range for the day is 4609-4835.
–Crude oil prices under pressure after data showed U.S. crude stockpiles jumped last week, compounding worries about a weaker global economic growth outlook.
–U.S. crude inventories rose unexpectedly last week, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high.
–Signs of slowing economic growth and lower fuel demand increases, especially in Asia’s large emerging markets are weighing on the oil markets.
Courtesy: Kedia Commodities
Source: Commodityonline.com
