MCX Settled Crudeoil Up 1.28% At 2776 - Ways2Capital

On MCX settled up 1.28% at 2776 paring some of the losses sustained in recent sessions but sentiment remained bearish as investors continue to fret about rising global stockpiles. The move comes a day after EIA said that crude stockpiles fell by roughly 2.45m barrels in the week ended June 16, above expectations of draw of about 2.1m barrels. According to EIA, domestic output climbed by 20,000 barrels to 9.35 million barrels a day last week, almost 8% higher than the same period last year.

The increase in U.S. drilling activity and shale production has mostly offset efforts by OPEC and other producers to cut output in a move to prop up the market. Iraq's oil exports from fields owned by the central government in Baghdad are at around 3.27 million barrels per day (bpd) so far in June, about the same level as in May, Oil Minister Jabar al-Luaibi said on Thursday. 

Total exports for all fields in Iraq, those of Baghdad and the Kurdish region in the north, have averaged 3.8 million bpd so far in June, he told Reuters in the southern oil city of Basra. The country as a whole is producing about 4.315 million bpd, he said.

Kurdish exports are running at about 520,000 to 530,000 bpd so far this month, he said. Iraq is in "quiet negotiations" with foreign oil companies operating in Iraq to amend their services contract, he said, declining to give more details. Technically market is under short covering as market has witnessed drop in open interest by -15.44% to settled at 25904 while prices up 35 rupees, now Crudeoil is getting support at 2739 and below same could see a test of 2701 level, And resistance is now likely to be seen at 2814, a move above could see prices testing 2851.

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Suhani Verma

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