AHMEDABAD (Commodity Online): Crude Oil traded highly volatile in yesterday session after a report showed US stockpiles shrank, signaling increased demand in the world's biggest crude consumer. US crude oil and oil product inventories raised last week even as crude imports fell, the US Energy Information Administration reported.
In Today's session Crude prices rose in MCX on hopes that a deal to bail out debt strapped Greece was near. Currently MCX Crude Oil February futures trading at Rs 4897, up by 0.45 percent by 11:40 IST.
Technically MCX Crude Oil February futures having a good support at Rs 4840 and Resistance at Rs 4920. Crude prices expected to trade positive in today's session on forecast that global oil demand is set to grow amid hopes for a Greek debt deal. Additionally depreciation in Indian Rupees (INR) against USD also support Crude prices to trade more upside in MCX, says Ankush Kumar Jain, Analyst with Commodity Online.
Intra-day traders advised to buy Crude Oil February futures around Rs 4875-4870 with stop loss of Rs 4840 for target near Rs 4920 and 4950,added Jain.
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