MUMBAI (Commodity Online): MCX Crude Oil gained 1.33% as of afternoon trade on Tuesday after the Euro strengthened against the dollar. MCX Crude oil October contract was trading at Rs 4180 after opening at Rs 4130, a gain of Rs 50.
The Euro is up against the Dollar at 1.3700 after falling to around 1.3600 last day
Advances in European stocks also supported crude oil prices. The Stoxx Europe 600 index rose by 1% despite the Italian credit downgrade by S&P and the continuing Greek debt concerns.
At NYMEX, the heavily traded November contract is up by 1.10% at $86.91 as of 4:51:09 AM CT.
Technical targets by Geojit Comtrade:
MCX Crude October: Rallies to Rs 4180/4220 could call for Rs 4080/4040 now.
