Posts
MTECHTIPS:-CRUDE OIL
Crude oil declined sharply on Friday to close the session with heavy losses as crude prices cooled off in the global markets. Strong support in crude oil is seen below 5200 levels. Any dip below these levels will open up lower levels of 5130 and below. Crude oil will face strong weekly resistance above 5350 levels.Any move in the Crude oil above these levels will open up 5420in coming days. The outlook is sideways in crude oil.Crude oil futures drowned below $97 a barrel in Asia on bundle of worries from across the world which raised the demand issues for oil. The losses worsened after the Europe elections in weekend adding to jitters about the euro zone's future. Crude prices plunged nearly 4% on Friday, the biggest one-day drop since December 14. Light sweet crude futures for delivery in June settled at $98.55 a barrel by close of trade on Friday, tumbling 5.95% over the week, the most since the week ended September 23. The U.S. Energy Department said in its weekly report that crude oil inventories rose by 2.84 million barrels last week to a total of 375.9 million, the highest level since September 1990, underscoring fears over a slowdown in oil demand from the U.S.
Crude oil declined sharply on Friday to close the session with heavy losses as crude prices cooled off in the global markets. Strong support in crude oil is seen below 5200 levels. Any dip below these levels will open up lower levels of 5130 and below. Crude oil will face strong weekly resistance above 5350 levels.Any move in the Crude oil above these levels will open up 5420in coming days. The outlook is sideways in crude oil.Crude oil futures drowned below $97 a barrel in Asia on bundle of worries from across the world which raised the demand issues for oil. The losses worsened after the Europe elections in weekend adding to jitters about the euro zone's future. Crude prices plunged nearly 4% on Friday, the biggest one-day drop since December 14. Light sweet crude futures for delivery in June settled at $98.55 a barrel by close of trade on Friday, tumbling 5.95% over the week, the most since the week ended September 23. The U.S. Energy Department said in its weekly report that crude oil inventories rose by 2.84 million barrels last week to a total of 375.9 million, the highest level since September 1990, underscoring fears over a slowdown in oil demand from the U.S.
No comments:
Post a Comment