MCX Silver likely to trade in a range between 37558-38450
MCX Nickel likely to move in a range of 907.9-952.9
MCX Aluminium may trade between 146.2-151.4 levels
MCX Menthol Oil likely to move in a range of 1603.7-1679.5
MCX Cotton under fresh selling; Support seen at 22140
Crude Oil on MCX settled down 1.12% at 5212 as data showed that oil supplies in the U.S. unexpectedly rose. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 1.852 million barrels in the week ended Sept. 21, while the American Petroleum Institute late Wednesday reported an increase of 2.903 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 461,000 barrels last week, the EIA said. Total U.S. crude oil inventories stood at 396 million barrels as of last week, according to a press release, which the EIA said was “2% below the five year average for this time of year.”
The report also showed that gasoline inventories rose by 1.530 million barrels, compared to expectations for an increase of 788,000 barrels, while distillate stockpiles fell by 2.241 million barrels, compared to forecasts for a rise of 752,000.
Prices of oil have been driven higher in the past few weeks as upcoming U.S. sanctions against Iran weighed on investors and the Organization of the Petroleum Exporting Countries (OPEC) failed to increase supply production to counter the impact of the sanctions on output.
U.S. President Donald Trump has asked the group of oil producers to put a lid on rising prices, reiterating calls in a speech at the U.N. for OPEC to pump more oil. He also said Iran was sowing chaos and said he would impose more sanctions on the oil rich country.
Trading Ideas:
–Crude oil trading range for the day is 5152-5304.
–Crude oil remained under pressure as data showed that oil supplies in the U.S. unexpectedly rose.
–The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 1.852 million barrels.
–OPEC will do everything to stabilise and balance oil market, however, this is limited to available spare capacity.
Courtesy: Kedia Commodities
Source: Commodityonline.com
