Crude oil futures rallied more than 2% traded above $83 on positive economic outlook as dust settled on Ireland bailout package and positive US economic data backed by slightly bullish inventory data.
U.S. commercial inventories rose by 1.02 mb while gasoline stockpiles rose by 1.91 mb higher than expected. The personal income and spending data spurred buying indicating improvement in consumer sentiments which helped oil prices to trade higher.
Natural gas futures also got hit after EIA reported decline in Natural gas stockpiles lifting prices above $4.30. US. Natural gas stockpiles fell by 6 Bcf against expectation of decline of 1 Bcf.
NYMEX Crude oil has important resistance at $85 with support at $81.
MCX Crude oil (Dec) has resistance at ` 3860, support at 3740.
MCX Natural gas (Dec) has resistance at 210, support at 201.
