Buy MCX Crude Oil - MCX Intraday Tips

MCX Crude Oil is likely to trade positive on the supportive side. MCX Crude January is expected to look up and recommended to a buy above Rs 5225 level, for price targets of Rs 5270-5290 with a stop loss of Rs 5180. In MCX Crude Oil overall trend looks bullish and going long is recommended.

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MCX Crude Oil Weekly Outlook 19-24 Dec

MCX Crude oil is likely to witness some short covering along with base metals at lower levels. Crude-oil futures edged lower, capping a week of steep declines spurred by intensifying concerns about slowing oil demand. The decline marks the third downward session in a row for benchmark U.S. crude and its lowest finish in six weeks. 

Oil demand in the U.S., the world`s largest oil consumer, fell 1.8 million barrels a day in the week, while oil imports fell 1.1 million barrels. Organization of the Petroleum Exporting Countries at a meeting this week agreed to maintain its current output levels.

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