MCX Crude Oil At Overbought Levels
Production from Iraq, Libya and US continues to rise, raising questions as to whether Saudi Arabia, Kuwait and UAE will have to cut their output. Global spare oil inventories tightened over the last two months, the U.S. government said resulting in a 1.1 million bpd average draw on global oil stocks.
On Monday trade, crude oil May contract
rose to a high of 5074 Rs/bbl at 03.24 pm IST and is expected to trade negative
in later session. For intra-day, support is now seen at 5020, 4980 levels and
resistance at 5100 & 5135, analyst said.
- Copper
- 382
- 379.5
- 384.5
- COMEXSTOCK
- Natural Gas
- 227.20
- 229.3
- 224
- DANI
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