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 5250 while Resistance is seen at Rs 4225.
NYMEX crude trades in a narrow range Wednesday after a sharp 2.4% gain yesterday. Crude rose as high as $101.25/bbl in intraday trade yesterday but shed some of the gains to end near $100/bbl Crude oil rallied sharply yesterday after unconfirmed reports noted that the Iranian government closed the Strait of Hormuz. The strait, located between Iran and Oman, is the most important oil-shipping channel in the world, handling about 33% of all ocean-borne traded oil. An Iranian official later dismissed the rumor, and a spokeswoman for the US Navy's in Bahrain said shipping traffic in the strait was flowing normally Tensions relating to Iran were already high in past few weeks after US and other western nations pressed sanctions on Iran for its nuclear activity. Meanwhile some stated that Europe may consider banning Iranian imports. Iran is OPECDiscover 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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