Trade Nivesh Crude oil futures gained Rs 2,558 per barrel on March 11 as participants increased their long position as seen by the open interest. Oil prices rose on hopes that US producers will cut output, but the gains were capped as Aramco CEO Amin Nasser said Saudi Arabia has asked the company to increased crude output to 13 million barrels per day (bpd).
The American Petroleum Institute (API) reported that US crude inventories rose 6.4 million barrels for the week ended March 6.
In the futures market, crude oil for March delivery touched an intraday high of Rs 2,649 and an intraday low of Rs 2,494 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 2,106 and a high of Rs 4,604.
Crude oil delivery for March gained Rs 24, or 0.96 percent, to Rs 2,534 per barrel at 14:55 hours IST. The same for April fell Rs 4, or 0.16 percent, to Rs 2,566 per barrel.
The value of March and April contracts traded so far is Rs 4,267.14 crore and Rs 169.26 crore, respectively.
MCX Crude is expected to trade positively with support at Rs 2,490 and Rs 2,560 levels, Motilal Oswal said in a recent report. The brokerage firm advised clients to buy on dips, targeting higher resistance at Rs 2,700-2,760.
West Texas Intermediate crude was marginally down 2.04 percent to $33.66 per barrel, while Brent crude, the international benchmark, slipped 1.83 percent to $36.55 per barrel at 14:55 hours.
All Commodities Levels ask an expert :- Trade Nivesh
The American Petroleum Institute (API) reported that US crude inventories rose 6.4 million barrels for the week ended March 6.
In the futures market, crude oil for March delivery touched an intraday high of Rs 2,649 and an intraday low of Rs 2,494 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 2,106 and a high of Rs 4,604.
Crude oil delivery for March gained Rs 24, or 0.96 percent, to Rs 2,534 per barrel at 14:55 hours IST. The same for April fell Rs 4, or 0.16 percent, to Rs 2,566 per barrel.
The value of March and April contracts traded so far is Rs 4,267.14 crore and Rs 169.26 crore, respectively.
MCX Crude is expected to trade positively with support at Rs 2,490 and Rs 2,560 levels, Motilal Oswal said in a recent report. The brokerage firm advised clients to buy on dips, targeting higher resistance at Rs 2,700-2,760.
West Texas Intermediate crude was marginally down 2.04 percent to $33.66 per barrel, while Brent crude, the international benchmark, slipped 1.83 percent to $36.55 per barrel at 14:55 hours.
All Commodities Levels ask an expert :- Trade Nivesh
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