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.