MUMBAI (Commodity Online): Crude oil ended a seesaw session higher, bouncing late with equities markets after conflicting data about economic recovery kept trading choppy.
Oil has gained more than 4% in the last two days, but the rally has come without any concrete signal that supplies are tightening or demand is rebounding.
U.S. distillate inventories, including heating oil and diesel, hit a 24-year high in data published Wednesday by the Department of Energy, and gasoline stockpiles are rising quickly as well.
Now support for the crude is seen at 3001 and below could see a test of 2970.Resistance is now likely to be seen at 3068, a move above could see prices testing 3104.
Trading Ideas:
CRUDE TRADING RANGE IS 2900-3150.
CRUDE ENDS UP AFTER SEESAWING WITH EQUITIES.
SELL CRUDE AUG BELOW 3024 SL 3056 TGT 3008-2992-2976.MCX
IMPORTANT SUPPORT IS AT 3000 BELOW THIS LOOK BERISH.
OPEC HAD ANNOUNCED NOT PRODUCTION CUT ABOVE 50$.
