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Last Updated : Jan 14, 2020 03:17 PM IST | Source: Moneycontrol.com

Crude oil futures down 0.75%, all eyes on US-China trade deal

The value of the January contract traded, so far, is Rs 2,922.27 crore and the February contract has seen a value of Rs 145.76 crore.

Crude oil futures slipped 0.75 percent to Rs 4,101 per barrel on January 14, as participants trimmed their positions ahead of the signing of the so-called Phase One of the US-China trade deal, which will be vital to gauging the direction of the market.

On January 13, oil prices edged down as fears of a conflict between the United States and Iran eased.

In the futures market, crude rate touched an intraday high of Rs 4,126 and an intraday low of Rs 4,092 on Multi Commodity Exchange (MCX). For the January series, the crude touched a low of Rs 3,825 and a high of Rs 4,670.

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On the Multi Commodity Exchange, crude oil delivery for February contracts slipped Rs 27, or 0.65 percent, to Rs 4,117 per barrel with a business turnover of 5,035 lots.

The crude for delivery in January was down by Rs 32, or 0.77 percent, to Rs 4,100, with a business volume of 27,138 lots.

The value of the January contract traded so far is Rs 2,922.27 crore and February contract saw a value of Rs 145.76 crore.

Crude oil prices edged lower in the last trading session and closed below 9 and 20-day EMA, which is a negative sign. Price is trading near the strong support zone of 4,100 and a breakdown below the level may drag prices towards Rs 4,070-4,050, Axis Securities said.

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The brokerage advised clients to sell January crude at Rs 4,100 with stoploss at Rs 4,130 and a target of Rs 4,070-4,050.

West Texas Intermediate crude was marginally down 0.34 percent to $57.88 per barrel, while Brent crude, the international benchmark, slipped 0.17 per cent to $64.09 per barrel.

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First Published on Jan 14, 2020 03:17 pm
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