Posts
MTECHTIPS:-CRUDE OIL
Crude oil traded in a small range in yesterday’s session as the commodity consolidated around the 5200 levels. Strong support in crude oil is seen below 5100 levels. Any dip below these levels will open up lower levels of 5020 and below. Crude oil will face strong weekly resistance above 5260 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 traded under $97 a barrel in Asia following the disappointing China trade data. Chinese exports rose 4.9% in April from a year earlier, while imports rose 0.3%, official data showed. China's trade surplus for April widened to $18.4 billion. NYMEX light sweet oil futures are trading down 37 cents at $ 96.44 per barrel in Asia electronic trades today. U.S. crude oil futures recovered a tad on Wednesday after falling for five straight sessions, although sentiment remained cautious on concerns over growing U.S. crude stocks and the impact on demand of Europe's political and economic crisis. India's crude oil imports from Iran declined by about 34 percent in April compared with March, deeper than expected and the first sign of New Delhi implementing cuts in supplies from the sanctions-hit Islamic republic.
Crude oil traded in a small range in yesterday’s session as the commodity consolidated around the 5200 levels. Strong support in crude oil is seen below 5100 levels. Any dip below these levels will open up lower levels of 5020 and below. Crude oil will face strong weekly resistance above 5260 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 traded under $97 a barrel in Asia following the disappointing China trade data. Chinese exports rose 4.9% in April from a year earlier, while imports rose 0.3%, official data showed. China's trade surplus for April widened to $18.4 billion. NYMEX light sweet oil futures are trading down 37 cents at $ 96.44 per barrel in Asia electronic trades today. U.S. crude oil futures recovered a tad on Wednesday after falling for five straight sessions, although sentiment remained cautious on concerns over growing U.S. crude stocks and the impact on demand of Europe's political and economic crisis. India's crude oil imports from Iran declined by about 34 percent in April compared with March, deeper than expected and the first sign of New Delhi implementing cuts in supplies from the sanctions-hit Islamic republic.
No comments:
Post a Comment