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Crude oil futures slipped 0.53% in afternoon trade, Fed decision awaited

The value of November and December contracts traded so far is Rs 1,443.48 crore and Rs 17.61 crore, respectively

October 30, 2019 / 03:53 PM IST

Crude oil futures for November delivery slipped Rs 22 to Rs 3,938 per barrel on October 30 tracking weak overseas cues. Participants are also awaiting the Fed rate decision scheduled for later today and tracking further developments in the ongoing US-China trade war.

On the Multi Commodity Exchange, crude for December delivery fell Rs 19, or 0.48 percent, to Rs 3,963 per barrel. Crude for November delivery fell Rs 18, or 0.45 percent, to Rs 3,942 per barrel.

The value of November and December contracts traded so far is Rs 1,443.48 crore and Rs 17.61 crore, respectively.

"Crude oil looks weak below its resistance level of Rs 3,990-4035. Support is seen at Rs 3,880-3,860 area," Motilal Oswal said. The brokerage firm advises its clients to sell on a rise around Rs 3,955-3,975 levels.

In the international market, Brent crude oil futures were marginally down 30 cents, or 0.49 percent, at $61.29 a barrel by 9:25 am GMT, while US West Texas Intermediate (WTI) crude futures fell 5 cents, or 0.09 percent, at $55.48 per barrel.



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Moneycontrol News
first published: Oct 30, 2019 03:53 pm
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