MUMBAI (Commodity Online): On the heels of better cues from global markets, the domestic crude oil futures are trading stable in the morning session on Tuesday. Asian share markets were slightly higher Tuesday in subdued trade as a holiday in Japan kept markets range-bound.
The price of crude oil at MCX traded higher as November contract quoted at Rs 3670.00 a barrel. The far month contracts too traded higher as December and January contracts quoted at Rs 3704.00 and Rs 3740.00 a barrel each respectively.
Now support for the crude is seen at 3618 and below could see a test of 3585. Resistance is now likely to be seen at 3687, a move above could see prices testing 3723.
Start trading in commodities from as low as $50. Join nowNew York's main contract, light sweet crude for December delivery, advanced 26 cents to $78.39 a barrel. A weak greenback, which makes dollar-priced crude cheaper for holders of stronger currencies, was giving solid support to the commodities.
In currency markets, riskier currencies gained as attention shifted to central bank policy decisions, led by the Reserve Bank of Australia later Tuesday and the Federal Reserve which begins its two-day meeting later in the global day.
Crude oil edged further above $78 a barrel, after rising more than 1.5 percent a day ago, as traders weighed the impact of a possible rise in U.S. crude stocks against positive manufacturing and home sales data.
