Crude oil futures continued its down trend traded lower for the third day on sluggish economic outlook and demand recovery concerns backed by poor equity indices.
The American Petroleum Institute showed in a report today that crude oil stockpiles rose by 2.23 mb while gasoline inventories rose by 2.24 mb pressuring oil prices.
The WTI crude oil is now trading around $5 discount to ICE Brent signaling bearish trend in crude oil futures.
Natural gas futures recovered on yesterday trade rallied almost 1% as Tropical Storm Lisa appears in GoM threatening natural gas production.
NYMEX Crude oil has important resistance at $78, support at $74.
MCX Crude oil (Oct) has resistance at ` 3510, support at ` 3430.
MCX Natural gas (Sept) has resistance at Rs. 184, support at Rs. 176
