Crude oil has come a stormy storm. Brent’s price has gone up to the upper level of 2 years. Currently it is trading above $ 59. In the last 3 months, its price has jumped nearly 30 percent. At NYMax, crude is trading above $ 52, which is the upper level of the past 5 months. In fact, the World’s Crude Reserves are falling. OECD’s stock has fallen by nearly 40 percent, due to the drop in supply of OPEC. In such a situation, crude oil prices got support.
The Crude Oil on MCX is showing an increase of 0.7 percent & It is trading around Rs. 3427.
@ Sold MCX Crude for day trading october future below 3425 targets 3405, 3385 Stop loss 3447.
Crude oil prices have been rising and Brent’s price is upwards of $ 55 in the global market. Indeed, in August, Saudi Arabia’s crude exports have come down. Although the production of shell Crude is estimated to increase in the US The pressure from the upper level has also started. Today, the rupee has a weak rupee against the dollar and the price of 1 dollar is upwards of 64 rupees.
Crude oil on MCX is looking bullish on chart and It is trading around Rs. 3200 with 0.2 percent weakness.
@ Buy MCX Crude Oil September future above 3200 targets 3225, 3250 Stop loss 3173.
The US Energy Department has cut crude oil production estimates in the US. EIA has said that due to the Harvey storm, it is possible to produce 92.5 million barrels of average daily this year, whereas last month the agency had estimated the production of 93.5 million barrels. EIA has also cut the crude production estimate for 2018. In such a situation, the prices of crude went up yesterday and Brent’s price was $ 54 and WTI crude crossed $ 48. However, today the pressure in the dollar is showing pressure from the upper level.
Currently, Crude oil on MCX is trading around Rs. 3090 with a slight decline of 0.15 percent. Natural Gas is trading at 0.13 percent and It is trading at 193.2.
MCX Crude Oil Tips
@Buy MCX Crude Oil September future above 3100 targets 3125, 3150 Stop loss 3073.
Crude oil boom due to Production decreases in the US.Crude oil has risen and its price has reached the top of 10 days. Brent Crude has gone across $ 47. Prices have been supported by the decline in production in the US. Crude oil prices are also getting increased due to the loss of gasoline stock. WTI crude has gone up by 45% to $ 45. In fact, the production of crude oil in the US last week has reduced nearly one million barrels.
At present, crude oil is trading above Rs 2,910 on the MCX with a surge of 0.15% today.
@Buy Crude July Future above 2910 targets 2935, 2950 Stop Loss 2889.