Kotak Commodity has come out with its report on Crude Oil. As per the research firm Support for MCX Crude December contract is seen at Rs 5150 while Resistance is seen at Rs 5285.
NYMEX crude trades in a narrow range over $100/bbl Thursday after a 0.6% gain yesterday which marked its fourth consecutive gain. Crude oil rose as high as $101.75/bbl in intraday trade yesterday, the highest level seen since Nov.17 but shed some of the gains to end near $100/bbl. Crude oil edged up yesterday amid a sharp rally in equity markets and weakness in US dollar. Also supporting prices are tensions relating to Iran and Syria. However the gains were limited by EIA report which noted an unexpected increase in US crude oil and distillate stocks. While WTI crude ended higher yesterday, Brent noted a minor drop following which the spread between the two narrowed. The premium of ICE Brent crude over NYMEX WTI crude narrowed to $10.16/bbl from $11.03/bbl a day earlier. At current price, the spread stands at $10.03/bbl. The spread narrowed as reports of recovery in Libyan output weighed on Brent prices. However this was countered by a sharp rise in US crude oil stocks which kept a check on WTI prices. The Chairman of Libyan National Oil Corp was quoted stating that LibyaDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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