Crude oil futures edged higher to Rs 3,536 per barrel on January 1 as participants increased their long position as seen by the open interest. Crude oil price opened with a gap-up and traded in the positive territory in the afternoon session.
Crude oil prices held steady range post inventory data as investors and traders refrained from taking large positions ahead of New Year weekend.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities said, “Crude oil prices traded steady with benchmark NYMEX WTI crude oil were trading near $48.50 per barrel on Friday. MCX Crude oil January futures were trading marginally up at Rs 3,542 by noon session.”
"We expect crude oil prices to trade sideways with support at $47 and resistance at $49.50. MCX crude oil January has support at Rs 3,490 and resistance at Rs 3,590," he said.
MCX iCOMDEX Crude Oil Index inched higher by 15.96 points, or 0.40 percent, at 4,027.54 at 15:43.
In the futures market, crude oil for January delivery touched an intraday high of Rs 3,559 and an intraday low of Rs 3,528 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 3,130 and a high of Rs 3,639.
Crude oil delivery for January gained Rs 12, or 0.34 percent, to Rs 3,536 per barrel at 16:03 hours IST with a business turnover of 1,227 lots.
The value of January contracts traded so far is Rs 32.32 crore.
West Texas Intermediate crude was up 0.08 percent quoting at $48.44 per barrel, while Brent crude, the London-based international benchmark, soared 0.17 percent to $51.72 per barrel.
For all commodities-related news, click hereDisclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.