AHMEDABAD (Commodity Online): MCX Crude oil futures extended gains on Tuesday but facing psychological resistance at 90 USD per BBL amid speculation US crude stockpiles dropped significantly last week. MCX Crude Oil September contract closed up by 2.99 percent to settled at 4280 rupees.
Markets were awaiting fresh weekly information on US stockpiles of crude on Wednesday. Crude Oil September contract opened up at 4176 rupees.
For today, Crude Oil expected to trade in range of 4220 to 4310. Weakness in the US dollar may provide some support to Crude oil prices in today’s session
Crude Oil may take support at 4200 and expected to face resistance above 4310 in ongoing week. Crude is lynch at very strong resistance of 4300, if price will not break resistance than I am expecting a down side moment till 4180. Traders should wait for the EIA data before jump into any fresh deal. Till then price is expected to trade in narrow range, informed Amrita Mashar, analyst with Commodity Online.
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