MUMBAI (Commodity Online): Crude Oil futures are trading flat on the MCX counter Friday as the crude prices at the NYMEX counted dipped below $82 a barrel following mixed movement in the Asian equities.

MCX crude oil April futures are trading over Rs 20 at Rs 3748 per barrel. The counter needs to break the range of Rs 3775 - 3740 for direction.

NYMEX crude oil fell below $82 a barrel. It was recently seen trading down 0.15 cents at $ 82.04. The oil futures had surged to above $83 levels after OPEC kept its output quota unchanged on Wednesday and since then it has been trading in a very narrow band.

Trading platform that even a 5 year old can trade. Join now

Asian stock markets turned in a mixed performance Friday, fluctuating as uncertainty over debt-laden Greece weighed on investors. The European indecision and discord were hampering a quicker resolution to Greece's fiscal crisis.

Crude oil April contracts on NYMEX closed yesterday at $82.2 with a loss of 0.88 percent. Prices closed lower on account of a stronger dollar as concerns mounted that Greece may not receive assistance from the European Union and the countries leadership may turn to the IMF for funding their deficit.

Producer price index for Germany is rising which is expected to indicate inflationary pressures and may result in the euro weakening versus the dollar. As a result prices are expected to trade lower due to the data. The expiry of March contracts on MCX may also result in some volatility in the market.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook