AHMEDABAD (Commodity Online): Crude oil moved down on Friday morning as nervousness gripped investors about the economic recovery and weakness spread across the markets after dreary US employment and housing data.
Equities reeled lower and currencies drifted on a higher side.
On Friday morning, Crude oil for September delivery contract opened at 3450 per barrel down by 0.35 percent at Multi commodity Exchange (MCX). Crude oil continued to be affected in absence of any strong economic indications.
The market is discounting fundamentals once again and remained bearish after week’s surprised rise in US inventory. Crude prices were also under pressure overnight from weak macroeconomic data after US jobless claims increased faster than before, maintained Amrita Mashar, analyst with Commodity Online.
Crude oil is expected to remain in range due to mixed economic data. I am expecting that crude oil remains choppy for coming days in range of 3380-3500, added Amrita.
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