Crude oil futures for May delivery on India's Multi Commodity Exchange(MCX) is likely to trade with negative bias for the day and traders are advised to stay on selling side.
“For intra-day, crucial support for the commodity is seen at 5130 while 5200 is the resistance. If prices break 5130 level, then the commodity is likely to move towards 5100,” said Amtita Mashar Research Analyst at Commodity Online.
MCX crude oil futures for May delivery was seen trading down by 1.02% at Rs.5137 per barrel as of 03.33 PM IST on Wednesday.
US Energy Information Administration (EIA) is scheduled to release its crude oil inventory data in the evening at 08.00 PM IST and may impact the commodity movement in the global market.
In the global market, crude oil prices are trading down on higher supply. Crude oil stock-piles rose 1.1 mn barrels last week, according to the data
released by the American Petroleum Institute (API) on Tuesday.
“The world will remain well-supplied,” Andrey Kryuchenkov, an analyst at VTB Capital in London said to Bloomberg.
“Higher prices lately have triggered a boost to capacity that will continue to outpace slack post-crisis demand growth,” added Andrey.
WTI crude oil futures for June delivery on NYMEX was seen trading down by 0.64% at $93.56 per barrel as of 03.47 PM IST on Wednesday.
Brent crude oil futures for July delivery was also seen trading down by 0.23% at $102.27 per barrel as of 03.48 PM IST on Wednesday.Commodity Online
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