CO:MCX Crude Oil gains on positive US consumer confidence
Ahmedabad : MCX Crude Oil opened strong today on positive US consumer confidence and as Iranian protesters vandalize the British Embassy's compound in Tehran, following the sanctions from US and UK.
Prices changed a bit after the industry funded API reported that US oil inventories rose 3.44 million barrels to 339.2 million last week. Crude Oil inventories are going to get released at 9:00 PM (IST) today, which be watched by traders for taking any kind of the clue for near term.
As there is fear of additional sanctions to be led on Iran, we can say that market will remain volatile for coming sessions. Technically, MCX Crude Oil resistance is looking at Rs. 5250 and support at Rs. 5140 , unless support gets broken we can expect positive movement for the day.
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