Crude oil futures headed for the straight second day gain traded steadied today on firm equity indices and awaited GDP Data in the evening. Crude oil prices traded up yesterday after US jobless report showed lesser than expected rise in jobless claims which gave strength to crude oil and equity indices.
Natural gas futures traded down near $3.80 on bearish inventory report released by EIA backed by normal temperatures across Atlantic basin. Natural gas stockpiles rose by 40 Bcf against forecast of rise of 38 Bcf. The recent Hurricane formation in Gulf of Mexico has generated Hurricane Danielle and Hurricane Earl but they are not expected to affect oil and gas producing regions.
Technical View
The strong resistance for crude oil lies at $75 with support at 71, MCX Crude oil (Sept) resistance lies near 3510 with support at 3410.
