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MTECHTIPS:-CRUDE OIL
Crude oil traded in a small range in yesterday’s session as the commodity consolidated around the 5150 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 5200 levels. Any move in the Crude oil above these levels will open up 5280 in coming days. The outlook is sideways in crude oil.Oil dropped to a 2012 low after China’s industrial growth unexpectedly slowed in April and concern grew that Europe’s debt crisis will worsen, reducing fuel consumption. Futures fell 1 percent after industrial output increased in China by the least since 2009. Prices also slumped as Spain said it will force lenders to raise provisions against real estate holdings and JPMorgan Chase & Co. (JPM) reported a $2 billion trading loss. Crude declined a second
week after U.S. supplies rose to a 21-year high. Crude for June delivery fell 95 cents to $96.13 a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 19. Prices slipped 2.4 percent this week and are down 2.7 percent this year
Crude oil traded in a small range in yesterday’s session as the commodity consolidated around the 5150 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 5200 levels. Any move in the Crude oil above these levels will open up 5280 in coming days. The outlook is sideways in crude oil.Oil dropped to a 2012 low after China’s industrial growth unexpectedly slowed in April and concern grew that Europe’s debt crisis will worsen, reducing fuel consumption. Futures fell 1 percent after industrial output increased in China by the least since 2009. Prices also slumped as Spain said it will force lenders to raise provisions against real estate holdings and JPMorgan Chase & Co. (JPM) reported a $2 billion trading loss. Crude declined a second
week after U.S. supplies rose to a 21-year high. Crude for June delivery fell 95 cents to $96.13 a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 19. Prices slipped 2.4 percent this week and are down 2.7 percent this year
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