Tuesday, 19 May 2015

MCX Crude Oil May Trade for Short Term update for 19 May 2015




Crude Oil for June delivery is likely to trade positive for short term and side ways for intra day. Short term support is seen at 3700 and resistance at 4000. Intra day support is seen at 3820 and resistance at 3920. On Tuesday(11.53 am), MCX Crude Oil June contract was trading up 0.13 per cent to 3861 levels. Oil futures settled lower Monday, with the U.S. benchmark at its lowest level in a week, failing to find much support from clashes in Iraq and Yemen as disappointing U.S. economic data dulled the outlook for energy demand. Oil traders also fretted over the potential for a recovery in U.S. shale-oil production and mulled the outcome of next month's meeting of the OPEC. Massive production from OPEC and Russia will also increase the crude oil supply.


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