MCX Crude Oil under fresh buying; Resistance seen at 4139
Commodity Online | November 08 2019
UPDATED 09:20:17 IST

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Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 16.98% to settled at 20127 while prices up 88 rupees.

Now MCX Crude Oil is getting support at 4020 and below same could see a test of 3948 levels, and resistance is now likely to be seen at 4139, a move above could see prices testing 4186.

Crude Oil on MCX settled up 2.2% at 4093 after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and fuel demand.

U.S. crude oil stockpiles rose 7.9 million barrels last week as refiners cut output and exports fell, beating expectations for an increase of 1.5 million barrels, the Energy Information Administration (EIA) said. Gasoline and distillate inventories dropped 2.8 million barrels and by 622,000 barrels respectively. U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day.

Refinery crude runs fell by 237,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1.7 percentage points to 86% of total capacity. Distillate stockpiles , which include diesel and heating oil, fell by 622,000 barrels, versus expectations for a 949,000-barrel drop, the EIA data showed. Overall distillate inventories, which have declined for seven weeks in a row, fell to 119.1 million barrels, their lowest since June 2018.

Gasoline stocks also extended their decline, falling for the sixth straight week, with a 2.8 million-barrel draw, compared with analysts' expectations for a 1.8 million-barrel drop. A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign an interim deal could be delayed until December as talks continue over terms and venue, a senior official of the Trump administration told.

Trading Ideas:
--Crude Oil trading range for the day is 3948-4186.
--Crude Oil gained after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth.
--U.S. crude oil stockpiles rose 7.9 million barrels last week as refiners cut output and exports fell, beating expectations for an increase of 1.5 million barrels.
--U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day.

Courtesy: Kedia Commodities

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