Last Updated : 12 February 2013 at 15:30 IST
MCX Crude Oil up, investors eye President Obama's address
Source :Commodity Online
“MCX Crude futures has support at 5180 while 5250 is the resistance for the day. If futures move above 5250, then prices are expected to move towards 5300. Intra day traders are advised to take buy position,” said Amrita Mashar, Research Analyst at Commodity Online.
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MUMBAI (Commodity Online): Crude oil futures for February delivery on India's Multi Commodity Exchange (MCX) is positive, supported by ongoing political tensions in middle east and optimism on current global economic trends.
“MCX Crude futures has support at 5180 while 5250 is the resistance for the day. If futures move above 5250, then prices are expected to move towards 5300. Intra day traders are advised to take buy position,” said Amrita Mashar, Research Analyst at Commodity Online.
MCX crude oil futures for February delivery was up by 0.06 percent at Rs.5231 per barrel as of 03.07 PM IST on Tuesday.
Earlier, the contract opened at 5227 level, following buying sentiments in the international market.
Meanwhile, significant rise in the Chinese crude oil imports show that the world's second largest consumer is improving its economic conditions.
US commercial crude oil stockpiles are expected to have increased 2.9 mn barrels last week, Reuters reported.
Investors are waiting for president Obama's State of the Union address scheduled to be held at o9.00 PM EST on Tuesday (0200 GMT Wednesday). Crude oil movement may change its direction after the address.
Also, the American Petroleum Institute is expected to release its inventories report today.
Crude oil futures for March delivery on New York Mercantile Exchange (NYMEX) was down by 0.28 percent at $ 96.75 per barrel as of 03.17 PM IST on Monday.
