Last Updated : July 13, 2012 13:55
Crude trading range for the day is 4693-4839. Technically market is getting support at 4736 and below could see a test of 4693 level, And resistance is likely to be seen at 4809, a move above could see prices testing 4839. Markets also remained nervous after the head of Italy's business group warned that Italy?s economy will shrink by more than 2.4% this year, a deeper contraction than previously expected.
Crude oil rebounded from early losses to end up higher on news of tighter sanctions against Iran. Pressure was seen over the health of the global economy weighing on future oil demand expectations.
Nymex Crude Oil prices gained around 0.3 percent yesterday taking cues from more than expected decline in US Crude oil inventories on Thursday along with supply concerns from Iran. However, further upside in prices was capped on the back of strength in the DX coupled with escalating Euro Zone debt crisis which will curb demand for the fuel.
Crude oil prices touched an intraday high of $86.37/bbl and closed at $86.10/bbl in yesterday?s trading session. On the domestic bourses, prices increased by 0.1 percent and closed at Rs.4,780/bbl after touching an intraday high of Rs.4,795/bbl on Thursday.
Crude oil futures traded steady near $85 on weaker Euro on EU economic worries despite positive US job market report. Natural Gas futures traded up on expectations of warmer temperatures recovered from lows after bearish inventory data. Crude Oil prices are trading in a narrow range of $84-$86 since last four days and we expect oil prices to trade sideways to up with sustainable trade above $86 with resistance at $89 and support at $84. At MCX, Crude oil has important support at 4710 with resistance at 4810.
With inputs from Kedia Commodities, Edelweiss Comtrade and Angel Commodities.
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MCX CORIANDER 01 January 2020 contract was trading at Rs 0 . What's your view on it?
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