MUMBAI (Commodity Online): At the Multi-Commodity exchange of India (MCX), Crude Oil August contract opened Wednesday at 3668 and is up over 1% as of afternoon to trade at 3700. September contract is up 0.62% at 3731. This rise in crude follows the firm trend in Nymex as it rebounded from a 10-month low and speculators opened new long positions. Speculators bet on a crude oil price rise amidst contracting inventories. US crude supplies fell 5.21 million barrels to 348.6 million last week as per the American Petroleum Institute. The Federal Reserve had earlier commented that it will use a range of methods to boost the economy and that it would keep interest rates near zero till mid-2013. The comment helped to up the investor sentiment. Nymex Crude Oil September contract was up 4% at $82.43 after falling to $79.30 yesterday, which is the lowest level since September 29, 2011. At the MCX, the opening price of 3668 remains the day’s low which reflect the bullish bias of the market. The US energy department will release its Crude inventory report later today. GEOJIT Comtrade view: MCX/ NCDEX Crude August: Major Support is seen at 3500 now. Break below 3500 could target 3400/3300 or even lower to the major support level at 3130. Outlook: Buy near 3550/3520 TGT 3630/3700 strict stop/loss at 3490 S1 3730 S2 3500 R1 3920 R2 4060

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