Crude oil futures in red on increase in US crude stock
On the Multi Commodity Exchange, crude for delivery in December fell Rs 18, or 0.47 percent, to Rs 3,847 per barrel
October 23, 2019 / 03:38 PM IST
Crude oil futures for November delivery slipped Rs 20 to Rs 3,832 per barrel on October 23 after API data showed the US crude stock rose 4.5 million barrels to 437 million barrels for the week-ended October 18. However, the fall was capped after OPEC+ group pledged to cut oil output by 1.2 million barrels per day until March 2020.
On the Multi Commodity Exchange, crude for delivery in December fell Rs 18, or 0.47 percent, to Rs 3,847 per barrel.
The value of the November and December contracts traded so far is Rs 2,357.35 crore and Rs 20.61 crore, respectively.
MCX crude oil has immediate support at Rs 3,815, with resistance at Rs 3,890-3,925, according to Motilal Oswal report. The brokerage firm said bias look positive for the session as long as Rs 3,760 support holds.
Traders will look for further direction from the US Energy Information Administration (EIA), which will release data later in the day.
In the international market, Brent crude oil futures were marginally down 51 cents, or 0.89 percent, at $59.17 a barrel by 9:45 am GMT, while US West Texas Intermediate (WTI) crude futures fell 57 cents, or 1.05 percent, at $53.91 per barrel.