MUMBAI (Commodity Online):?Crude oil futures for March delivery on India's Multi Commodity Exchange (MCX) is negative on weak global cues. Futures likely to remain negative during intra-day trade with selling pressure persisting.
?For intra-day the commodity has support at 5150 while 5180 is the resistance and traders are advised to stay on selling side,? said Amrita Mashar, Research Analyst at Commodity Online.
?If prices break 5150 level, then one can enter into sell position with stop loss of Rs.5180 for target near 5120,? she added.
MCX crude oil futures for March delivery was down by 0.21 percent at Rs.5153 per barrel in the evening session on Thursday.
Meanwhile, US crude stockpiles rose by 2.96 mn barrels last week, while gasoline stocks declined 0.12 mn barrels, according to the data released by the American Petroleum Institute.
The futures may have taken cues from US housing data which missed expectations. Minutes of US Federal Reserve's FOMC meet wherein traders may have seen a signal to ending of QE measures also influenced futures negatively.
WTI crude oil futures for April delivery on New York Mercantile Exchange (NYMEX) was down by 1.44 percent at $93.83 per barrel as of 04.13 PM IST on Thursday.
Putting pressure on crude oil and other commodities, preliminary euro zone manufacturing purchasing managers? index fell to a seasonally adjusted 47.8 in February from a final reading of 47.9 in August, according to the data released by Markit.
In US, crude oil traders are waiting for crude oil inventory data scheduled to be released later today by the US Energy Information Administration(EIA).
NYMEX brent crude oil futures for April delivery was down by 1.11 percent at $114.35 per barrel as of 04.15 PM IST on Thursday.
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