AHMEDABAD (Commodity Online): Crude Oil Futures at Nymex open positive in today's session after the Greek parliament approved a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default. However at MCX Crude Oil futures open flat as appreciation in Indian Rupees restrict gains on the domestic bourses.
At MCX Crude Oil February future open at Rs 4929 afer previous closing of Rs 4626. Currently it's trading around Rs 4918, down by 0.18 percent by 11:12 IST.
Crude Oil prices at MCX expected to trade with a sideways bias today taking mixed cues from negative demand forecast from OPEC and Rupees appreciation also restrict gains in MCX. However approval of austerity bill in Greek parliament support prices to trade higher.
Technically MCX Crude Oil futures having good support at Rs 4850 and Resistance at Rs 4950. Crude prices expected to trade in this range for intra-day sessions. If Crude prices sustain above 4950 then we may see next price level of Rs 5010, informedAnkush Kumar Jain, Analyst with Commodity Online.
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