Brent crude trades above USD 106/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

Optimism in Europe aided Brent crude on Monday. French banks agreed to roll over Greek debt holdings. Greek parliament vote on austerity plan holds a key.

Euro as against dollar was above 1.43. Dollar weakness was supporting commodities.

Brent crude settled at USD 106/barrel on Monday, which was in the green today. WTI crude ended off lows at USD 91/barrel.

Gold futures went above USD 1500/ounce and copper futures gained 0.4%.

One should watch out for S&P Case-Shiller HPI and consumer confidence data.

Angel Commodities advised selling crude MCX July contract at Rs 4150, with a stoploss at Rs 4200 and a target of Rs Rs 4080 a barrel.