Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 22.49% to settled at 6390 while prices down 32 rupees.
Now MCX Crude Oil is getting support at 5997 and below same could see a test of 5932 levels, and resistance is now likely to be seen at 6115, a move above could see prices testing 6168.
Crude Oil yesterday settled down by 0.53% at 6062 as expectations grew that demand growth will fall as inflation and supply chain issues strain major economies, though surging prices for power generation fuel limited losses.
OPEC has trimmed its world oil demand forecast for 2021 while maintaining its 2022 view, its monthly report showed, but it said surging natural gas prices could boost demand for oil products as end users switch.
The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million barrels per day, down from 5.96 million bpd in its previous forecast, saying that the downward revision was mainly driven by data for the first three quarters of the year.
It maintained a growth forecast of 4.2 million bpd for next year.The group of oil-producing countries said, however, that natural gas prices at record highs could provide a potential headwind to oil demand growth as industrial users switch to oil products instead.
China’s September crude oil imports fell 15.3% from a year earlier, data showed, as companies drew on inventories amid rising global prices and as tightened import quotas continued to constrain purchases.Oil prices, which hit their highest in more than three years this week, are unlikely to rise further, Iraqi Oil Minister Ihsan Abdul Jabbar said.
Trading Ideas:
–Crude Oil trading range for the day is 5932-6168.
–Crude Oil prices edged down as expectations grew that demand growth will fall as inflation and supply chain issues strain major economies.
–Oil prices unlikely to rise further, says Iraqi oil minister.
–OPEC trims 2021 demand forecast but says gas price surge could help.
Courtesy: Kedia Commodities
Source: Comodity Online
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