Crude oil futures rose to Rs 1,798 per barrel on March 27 with the open interest indicating a build-up in long positions. Oil prices jumped in the morning session after falling 7 percent yesterday as governments the world over assured of massive fund injection and other measures to keep the economic implication of the coronavirus pandemic in check.
In the futures market, crude oil for April delivery touched an intraday high of Rs 1,823 and an intraday low of Rs 1,779 per barrel on MCX. So far in the current series, the black gold has touched a low of Rs 1,717 and a high of Rs 4,186.
Crude oil delivery for April gained Rs 13, or 0.73 percent, to Rs 1,800 per barrel at 14:32 hours IST with a business turnover of 27,280 lots.
The crude for delivery in May contract jumped Rs 21, or 1.05 percent to Rs 2,022 per barrel with a business volume of 1,009 lots.
The value of April and May contracts traded so far is Rs 1,211.27 crore and Rs 14.33 crore, respectively.
MCX crude oil is expected to trade negatively with resistance at Rs 1,885 level and intermediate resistance at Rs 1,830 level. Sell on a rise is advised targeting lower support at Rs 1,740-1,700 zone, according to Motilal Oswal.
West Texas Intermediate crude gained 1.24 percent to $22.88 per barrel, while Brent crude, the international benchmark was down 0.65 percent to $26.17 per barrel.For All Commodities Related News - Click Here