Crude oil futures declined for the forth consecutive day pressured by bearish inventory data and weak equity indices. Global equity indices reported decline and dollar fell against most other currencies on increasing doubt over economic concerns.
The US department of energy reported increase in weekly crude oil inventories by 0.97 mb while gasoline stockpiles rose by 1.59 mb beating expectation of drawdown for the week.
The WTI crude oil is now trading around $3 discount to ICE Brent signaling bearish trend in crude oil futures.
Natural gas futures traded up near $3.99 on strong cash prices backed by expectation of lesser increase in weekly inventories. Natural gas stockpiles are expected to climb by 80 Bcf against prior increase of 103 Bcf.
NYMEX Crude oil has important resistance at $78, support at $74.
MCX Crude oil (Oct) has resistance at 3470, support at ` 3370.
MCX Natural gas (Sept) has resistance at Rs. 187, support at Rs. 176
