Trade Nivesh The crude for delivery in March contracts eased Rs 71, or 1.89 to Rs 3,695 per barrel with a business volume of 9,835 lots.
Crude oil futures slipped 2.06 percent to Rs 3,659 per barrel on February 18 as participants increased their short position as seen by the open interest.
Investors are waiting for a decision from OPEC+ on whether there would be a cut in crude production to bring balance to the market.
In the futures market, crude oil touched an intraday high of Rs 3,721 and an intraday low of Rs 3,656 per barrel on MCX. For the February series, the price of crude touched a low of Rs 3,531 and a high of Rs 4,663.
On the Multi Commodity Exchange, the price of crude oil contracts for delivery in February declined Rs 77, or 2.06 percent, to Rs 3,659 per barrel with a business turnover of 27,655 lots.
The price of crude oil contracts for delivery in March eased Rs 71, or 1.89 to Rs 3,695 per barrel with a business volume of 9,835 lots.
The value of the February contracts that have been traded so far is Rs 3,783.60 crore and that of March contracts saw a value of Rs 348.75 crore.
MCX crude oil has immediate support at Rs 3,660-3,630 whereas resistance is at Rs 3,750-3,780, according to Motilal Oswal.
West Texas Intermediate crude slipped 1.55 percent to $51.51 per barrel, while Brent crude, the international benchmark, was down 1.79 percent to $56.64 per barrel.
Crude oil futures slipped 2.06 percent to Rs 3,659 per barrel on February 18 as participants increased their short position as seen by the open interest.
Investors are waiting for a decision from OPEC+ on whether there would be a cut in crude production to bring balance to the market.
In the futures market, crude oil touched an intraday high of Rs 3,721 and an intraday low of Rs 3,656 per barrel on MCX. For the February series, the price of crude touched a low of Rs 3,531 and a high of Rs 4,663.
On the Multi Commodity Exchange, the price of crude oil contracts for delivery in February declined Rs 77, or 2.06 percent, to Rs 3,659 per barrel with a business turnover of 27,655 lots.
The price of crude oil contracts for delivery in March eased Rs 71, or 1.89 to Rs 3,695 per barrel with a business volume of 9,835 lots.
The value of the February contracts that have been traded so far is Rs 3,783.60 crore and that of March contracts saw a value of Rs 348.75 crore.
MCX crude oil has immediate support at Rs 3,660-3,630 whereas resistance is at Rs 3,750-3,780, according to Motilal Oswal.
West Texas Intermediate crude slipped 1.55 percent to $51.51 per barrel, while Brent crude, the international benchmark, was down 1.79 percent to $56.64 per barrel.
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