AHMEDABAD (Commodity Online): Crude oil futures were up on Tuesday in international market as better than expected Japanese economic data and strong US retail sales figures helped ease fears over the global economic outlook, boosting demand for riskier assets.
Japan is the world’s third largest crude oil consumer, after the US and China. Crude prices found further support as the dollar index was hit low of 74.53, the lowest since August 2011. Crude oil price gained on positive sentiment and high volume buying from lower side in last week.
Crude oil August delivery contract stays up by 0.92 percent and tested high at3978 rupees per BBL at Multi commodity Exchange (MCX). Now technically market is trading in the range seen at 3700-3980 for ongoing week.
Crude oil price gained on positive sentiment and high volume buying from lower side in last week. Crude Oil prices may rebound to 4100 if price able to sustain above 3990 rupees. Bottom fishing is expected on every lower level as price touched lowers levels in month of August , maintained Amrita Mashar, analyst with Commodity Online.
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