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Last Updated : Jan 07, 2020 06:51 PM IST | Source: Moneycontrol.com

Crude oil futures down 0.51% in evening trade

The value of the January contract traded so far is Rs 6,084.02 crore and February contract saw value of Rs 197.15 crore.

Crude oil futures were down half a percent at Rs 4,515 per barrel on January 7 as traders trimmed positions on worrying global cues.The US-Iran tensions have left traders sceptical on the extent of disruption in physical crude oil supplies in the Middle East. There are concerns of major supply disruptions if Iran decides to strike back.

"The market's clearly worried about the potential for supply disruption but there's no obvious path forward from here," Lachlan Shaw, head of commodity research at National Australia Bank told Reuters.

On the Multi Commodity Exchange, crude oil for delivery in February contracts slipped by Rs 24 or 0.53 percent to Rs 4,512 per barrel, with a business turnover of 2,339 lots.

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Crude for delivery in January contracts was down by Rs 23 or 0.51 percent to Rs 4,515 per barrel, with a business volume of 33,242 lots.

The value of the January contract traded so far is Rs 6,084.02 crore and the February contract saw a trade value of Rs 197.15 crore.

MCX Crude oil has immediate support at Rs 4,480-4,450 whereas resistance is at Rs 4,550 levels and intermediate resistance at Rs 4,560-4,600. Sideways to positive movement is expected for the day, according to Motilal Oswal.

The brokerage firm also said that price break of immediate resistance will give further momentum in trend.

Meanwhile, West Texas Intermediate crude fell 0.73 percent to $62.83 per barrel, while Brent crude, the international benchmark, was down 0.84 percent to $68.33 per barrel.

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First Published on Jan 7, 2020 06:51 pm
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