MCX Crude Oil under fresh buying; Resistance seen at 4237
Commodity Online | November 22 2019
UPDATED 09:20:59 IST

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Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 47.63% to settled at 22211 while prices up 93 rupees.

Now MCX Crude Oil is getting support at 4107 and below same could see a test of 4023 levels, and resistance is now likely to be seen at 4237, a move above could see prices testing 4283.

Crude Oil on MCX settled up 2.27% at 4191 after a report showed OPEC and its allies are likely to extend output cuts until mid-2020 while fresh reports emerged that China has invited U.S. negotiators for a new round of talks.

Prices also seen supported after a better-than-expected U.S. crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced. Russian President Vladimir Putin said that Russia and the Organization of the Petroleum Exporting Countries have "a common goal" of keeping the oil market balanced and predictable, and Moscow will continue cooperation under a global supply curbs deal.

U.S. crude oil stocks grew by 1.4 million barrels last week, the Energy Information Administration said, compared with expectations for 1.5 million-barrel build and the 6 million-barrel build reported by the American Petroleum Institute. Crude inventories rose despite refinery runs increasing by 519,000 barrels per day. Refinery crude runs rose by 519,000 barrels per day, EIA data showed.

Refinery utilization rates rose by 1.7 percentage points. Gasoline stocks rose by 1.8 million barrels, compared with expectations in a Reuters poll for a 870,000-barrel gain. However, crude in storage at the Cushing, Oklahoma, delivery hub for WTI fell 2.3 million barrels, the biggest drawdown in three months, the EIA said. OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

Trading Ideas:
--Crude Oil trading range for the day is 4023-4283.
--Crude Oil prices rose after a report showed OPEC and its allies are likely to extend output cuts until mid-2020.
--Further, fresh reports emerged that China has invited U.S. negotiators for a new round of talks.
--Crude inventories rose despite refinery runs increasing by 519,000 barrels per day. However, crude in storage at the Cushing, Oklahoma.

Courtesy: Kedia Commodities

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