Crude oil futures declined to Rs 1,861 per barrel on March 26 as participants trimmed positions. Prices fell as the $2 trillion emergency stimulus announced by the US Senate is unlikely to offset the fall in oil demand caused by the COVID-19 travel ban.
In the futures market, crude oil for April delivery touched an intraday high of Rs 1,928 and an intraday low of Rs 1,852 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 1,717 and a high of Rs 4,186.
The value of April and May contracts traded so far is Rs 1,419.96 crore and Rs 18.33 crore, respectively.
MCX crude oil is expected to trade sideways with support at Rs 1,880 and resistance at Rs 1,975, according to Motilal Oswal.