MCX CRUDE OIL NEWS
Crude oil prices touched a low of $82.29/bbl in the last week and closed at $83.23/bbl on last trading day. On the domestic front, prices declined by 8.4 % and closed at Rs.4,631/bbl on Friday after touching a low of Rs.4,624/bbl during the week.
CRUDE OUTLOOK TODAY
From an intra-day perspective we expect crude oil prices to trade lower on account of rise in OPEC production coupled with slowdown in the global economy. Additionally, a stronger DX will also act as a negative factor for the commodity.
CRUDE OIL SUPPORT AND RESISTANCE
NYMEX Crude Oil :- Support :- 81.50/80.80, Resistance :- 83.20/84.0
MCX Crude Oil (June 12) :- Support :- 4580/4540, Resistance :- 4680/4740
