The three factors mentioned below are weighing on the prompt month crude oil futures and should continue to do so, at least until the tail end of Q2; Barclays has noted in a report.
Net Comex non-commercial positions as a percentage of open interest is low at just 9%. Only retail demand has bucked the trend, with strong coin sales.
Seshadri Ramkumar, lead author of the study and manager of the Nonwovens and Advanced Materials Laboratory at The Institute of Environmental and Human Health (TIEHH), said he and his colleagues found ..
For intra-day, the commodity has resistance at 107.8 and 108.5 levels, while immediate support is there at 107. Trading below this support level may pressurise futures to touch 106.35 level.
