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Friday 29 September 2017

Crude oil dips on profit taking, technical trading: 29 Sept 2017

Crude oil futures closed lower in the domestic market on Thursday on profit-taking as well as technical trading.

Oil had settled higher on Wednesday after the U.S. Energy Information Administration reported an unexpected 1.8 million barrel decline in crude inventories in the week ended Sept. 22, with the draw attributed in part to a surge in exports. Hurricane Harvey disrupted refining operations in the Gulf Coast, which resulted in notable oil supply builds because of lower refinery input demand, and sizable gasoline draws due to lower refinery runs.

At the MCX, crude oil futures for October 2017 contract closed at Rs 3376 per barrel, down by 1.17 percent, after opening at Rs 3424, against a previous close of Rs 3416. It touched the intra-day low of Rs 3360.


Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.

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