AHMEDABAD (Commodity Online): Crude futures are trading in negative sentiment on third day as European oulook overshadows Iranian tensions at RS 5340.U.S. crude futures fell on Friday as a stronger dollar and government data showing a rise in U.S. oil supplies overshadowed worries about Iran and supply from Nigeria and Iraq.
Data from the United States were generally better than expected, which further supported confidence over the world's largest economy, and provided crude oil prices with bullish momentum as well.
Moreover, several euro zone nations are preparing for bond auctions, where all eyes will be focused on the yields and demand on those bonds, noting that the euro area region has more than 157 billion of debt maturing in the first quarter half of 2012.
This week, the main focus will be on the BoE rate decisions, trade, manufacturing and inflation data from the U.K. while the U.S. will release retail, trade and confidence, as well as other data.
Now technically on charts crude is set for correction and on friday it has given closing at Rs 5345 below the levels of Rs 5380 so now it could test the following levels on downside this week Rs5280-5220,5140 and 5040.informed Rushabh Mehta, analyst with Commodity Online.
On Nymex if closing is given below $99.80 then it could test the levels of $96.20 and $94.40, he added.
To get in touch with the Analyst on this report, please mail to tips@commodityonline.com
Get Trading tips on your mobile
