Crude recovered on slight short covering Saturday after falling on Friday as investors exited riskier markets on an interest-rate increase in India and concerns about the European Union's handling of Greece's debt.

Crude were also pressured lower by a stronger dollar, part of a general move out of riskier assets on renewed uncertainty over how Greece would handle its debts.

Global oil demand will grow faster than new supplies outside OPEC's control in 2010, but stocks are likely to rise as OPEC is pumping more crude than the market needs with prices above $80 a barrel.

Now support for the crude is seen at 3682 and below could see a test of 3675. Resistance is now likely to be seen at 3693, a move above could see prices testing 3697.

Crude trading range is 3675-3697.
Crude oil recovered Saturday on short covering Saturday
Support for the crude is at 3668 and resistance is at 3708.
Global oil demand will grow faster than new supplies outside OPEC's control in 2010
SELL CRUDE APR AT 3680 SL 3702 TGT 3665-3650-3638.MCX

Courtesy: Kedia Commodities

Exclusive and reserved reports now open to public

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook