Crudeoil On MCX Settled Up 0.98% At 2988

Crudeoil on MCX settled up 0.98% at 2988 trimming some of last week’s losses despite further signs of robust US production. While market weighed a relentless increase in U.S. drilling against ongoing efforts by major producers to cut output and reduce a global glut.

Crude oil prices suffered their third straight weekly loss last week, amid concern that the ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance the market remained in focus. Energy services company Baker Hughes said on Friday that U.S. drillers last week added rigs for the 21st week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.

The U.S. rig count rose by 8 to 741, extending a year-long drilling recovery to the highest level since April 2015. Despite the bearish fundamentals, the hedge funds and commodity money managers are at it again. According to the latest COT data released on Friday by the CFTC, large speculators added to their bullish net positions in the U.S.

WTI crude oil futures market last week for a four consecutive week. In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

Meanwhile, investors will keep an eye out for monthly reports from the OPEC and the IEA to assess global supply and demand levels. Technically market is getting support at 2951 and below same could see a test of 2913 level, And resistance is now likely to be seen at 3021, a move above could see prices testing 3053.

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Suhani Verma

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