Support for MCX Crude Dec at Rs 5075: Kotak Commodity

Kotak Commodity has come out with its report on Crude Oil. As per the research firm Support for MCX Crude Dec. contract is seen at Rs.5075 while Resistance is seen at Rs.5215.

NYMEX Crude trades in a narrow range around $100 per barrel Friday after a 0.2% decline yesterday which marked its first decline in five trading sessions. Crude oil fell as low as $98.87/bbl in intraday trade yesterday but recovered to end above $100 per barrel level. Crude oil trades in a narrow range amid mixed cues. Weighing on prices is choppiness in equity markets amid continuing concerns about global economy. However supporting crude oil prices is spread trade between WTI and Brent crude and continuing tensions relating to Iran and Syria. While WTI crude ended higher yesterday, Brent crude slipped more than $1 following which the spread between the two narrowed. The premium of ICE Brent crude over NYMEX WTI crude narrowed to $8.79/bbl from $10.16/bbl a day earlier. At current price, the spread stands at $9.19/bbl. The spread narrowed as reports of recovery in Libyan output weighed on Brent prices. The Chairman of Libyan National Oil Corp was quoted stating that Libya

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