Commodity Online MUMBAI: Crude oil futures extended its yesterday’s gains as the key factors such as US inventory and weak dollar are supporting the commodity in the Asian trade. The weakness in the dollar and a moderate rally in the Asian equity markets are also proving support to the counter.
MCX crude oil June contract remained surged Rs 7 to Rs 3,411 a barrel. It should face a crucial resistance near the 3440 levels and the traders may enter buy at CMP and book profit around Rs 3440 levels. Or in a reverse strategy, they may enter short around Rs 3440 levels with target of Rs 3400.
Enter Currency Trading Contest now. Win $ 25,000New York's main contract, crude for July delivery gained 57 cents to $71.90, its highest in eight months. A breach of the $73 mark is not expected today and it may face selling pressure as it may approach towards $73. However at the same time not much weakness is expected in the commodity today.
