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For intra-day, crucial support for the commodity is seen at 5080 while 5250 is the resistance. Intra-day traders are advised to book profit in narrow range. If prices break strong resistance of 5250 then it is expecte..

17 May 2013

MUMBAI (Commodity Online): The trend in crude oil futures for May delivery on India's Multi Commodity Exchange (MCX) looks sideways and range-bound move is expected for the near term.

“For intra-day, crucial support for the commodity is seen at 5080 while 5250 is the resistance. Intra-day traders are advised to book profit in narrow range,” said Amrita Mashar, Research Analyst at Commodity Online.

“If prices break strong resistance of 5250 then it is expected to move towards 5300 mark during intra-day trade,” she added.

MCX crude oil futures for May delivery was seen trading up by 0.69% at Rs.5245 per barrel as of 04.10 PM IST on Friday.

Concerns over global economic growth followed by the rise in crude oil stock-piles have been pressuring the prices in the global market.

A firm trend in dollar has negatively affected crude oil movement. “The dollar will influence oil quite a bit over the next few sessions because at some point it will start to weaken as it has strengthened too much in recent days,” Tetsu Emori, a commodities sales manager at Astmax Investments in Tokyo said to Reuetrs.

“All U.S. economic indications in the last few days have been weak and that is raising doubts about demand,” noted Tetsu.

New US unemployment claims for insurance allowance rose sharply to 360,000 in the week ending May 11, an unexpected rise when compared to previous weeks, according to the data released by the US Labour Department on Thursday.

WTI crude oil futures on NYMEX for June delivery was seen trading up by 0.50% at $95.64 per barrel as of 04.24 PM IST on Friday.

Brent crude oil futures for July delivery was also seen trading up by 0.68% at $104.48 per barrel as of 04.26 PM IST on Friday.


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