Despite the weakness in the rupee against the dollar, the Crude Oil prices have dropped sharply in the domestic market and the price has slumped by about 1.5%. Brent Crude has come down to $ 56. While NYMX crude is trading below $ 50.50.
Natural Gas has also come down heavily with crude. It is trading around 3 percent below.
Indian Market MCX Crude Oil have broken near around 1 percent today at Rs 3330.
@Sold MCX Crude Oil October future below 3,330 targets 3310, 3290 Stop Loss 3,356.
Strong dollar has put pressure on crude oil and crude has come down 0.5 percent at Rs 3434. But there is chances to Crude will be recovered soon because crude stores has deceased. In yesterday’s Inventory report of the US Energy Department, according to which the crude stock has fallen 18 million barrels. However, it is getting support from the weak rupee in the domestic market.
At present, Crude oil is trading at MCX at the level of 3434 with an increase of 0.5 percent. Whereas Natural Gas has crossed 200 rupees with an increase of 0.2 percent.
Crude Sure Shot Calls for Today
Buy MCX Crude Oil October future above 3437 targets 3465,3490 Stop Loss 3411.
Crude oil has risen due to the problem of supply and its price has increased by about 0.5%. Brent is currently trading above $ 54 in Brent. Whereas crude is worth $ 48 on NYMax. On the global market, the price of natural gas jumped nearly 1.5 percent. There is pressure on rupee from dollar.
Crude oil on MCX is showing an increase of 0.6% with around 3065 rupees, while natural gas has come down by 0.8% to around 190 rupees.
@ Sold MCX Crude Oil September near around 3070 to 3065 targets 3050, 3035 Stop Loss 3091.
Today the Inventory Report of the US Petroleum Institute is on the way and the pressure in crude oil has increased today. The Sharara oil field has started again in Libya, and there is a possibility of increasing production from there. Let us tell you Libya production is not included in the deduction. Meanwhile, the production of OPEC in July this year has gone to record levels. In such cases, pressure on crude oil prices has remained constant. Crude oil in the global market is down by about 0.5 percent and recovery at NYMEX is running below $ 50.
in the domestic market MCX Crude Oil is trading near at 3170 with gain of 0.5 percent.
@Sell MCX Crude Oil for intraday at current market levels 3170 august targets 3145, 3125 Stop Loss 3205.