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MTECHTIPS:-CRUDE OIL
Crude oil futures stayed below $97 a barrel ahead of the US inventories data to be released today. Yesterday, it closed lower for a fifth session, as weakness in global markets in the wake of elections in Europe dented expectations for economic growth. Crude for June delivery is trading down 36 cents at $ 96.65 per barrel. Yesterday it fell 93 cents, or 1%, to settle at $97.01 a barrel on the New York Mercantile Exchange, following a drop of 55 cents in the prior session. It touched an intraday low of $95.52. A string of weekend elections in Europe — France, Germany and Greece — saw voters reject established leaders, with Socialist challenger François Hollande defeating incumbent French President Nicolas Sarkozy. MCX May crude may open below Rs 5160 levels with support around Rs 5135 and Rs 5110 levels.Crude oil declined again in yesterday’s trade to close the session with small losses as crude prices cooled off in the global markets. Strong support in crude oil is seen below 5100 levels. Any dip below these levels will open up lower levels of 5020and below. Crude oil will face strong weekly resistance above 5300 levels. Any move in the Crude oil above these levels will open up 5420 in coming days. The outlook is sideways in crude oil.
Crude oil futures stayed below $97 a barrel ahead of the US inventories data to be released today. Yesterday, it closed lower for a fifth session, as weakness in global markets in the wake of elections in Europe dented expectations for economic growth. Crude for June delivery is trading down 36 cents at $ 96.65 per barrel. Yesterday it fell 93 cents, or 1%, to settle at $97.01 a barrel on the New York Mercantile Exchange, following a drop of 55 cents in the prior session. It touched an intraday low of $95.52. A string of weekend elections in Europe — France, Germany and Greece — saw voters reject established leaders, with Socialist challenger François Hollande defeating incumbent French President Nicolas Sarkozy. MCX May crude may open below Rs 5160 levels with support around Rs 5135 and Rs 5110 levels.Crude oil declined again in yesterday’s trade to close the session with small losses as crude prices cooled off in the global markets. Strong support in crude oil is seen below 5100 levels. Any dip below these levels will open up lower levels of 5020and below. Crude oil will face strong weekly resistance above 5300 levels. Any move in the Crude oil above these levels will open up 5420 in coming days. The outlook is sideways in crude oil.
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