MUMBAI (Commodity Online): Crude oil futures succumbed to profit booking in the morning trade on Wednesday in the domestic futures market due to the weak global sentiments.
Crude oil at MCX traded lower at 11.00 AM as November contract quoted at Rs 3741.00 a barrel. The far month contracts too traded lower as December contracts quoted at Rs 3770.00 a barrel.
Light sweet crude oil for December delivery was seen trading at $79.38 a barrel in the early electronic session today.
Now support for the crude is seen at 3663 and below could see a test of 3589. Resistance is now likely to be seen at 3785, a move above could see prices testing 3833.
Trading platform that even a 5 year old can trade. Join nowAsian stock markets were mixed Wednesday, as investors pulled to the sidelines ahead of the results of the U.S. Federal Reserve's policy meeting. Gold miners were outperforming again, after a record high for the price of the precious metal.
Crude rose after seesawing, bouncing off technical support as stronger than expected factory order data and a rally in gold helped boost oil despite the dollar's strength and weak equities. Venezuela Energy Minister Rafael Ramirez said that OPEC should not increase oil production.
