Crudeoil On MCX Settled Up 0.31% At 2947

Crudeoil on MCX settled up 0.31% at 2947 buoyed by data showing that supplies of U.S. crude fell by more than expected, easing concerns that U.S. output would continue to add to the glut in supply. Crude prices eased from highs but ultimately settled higher, after an upbeat report from the Energy Information Administration, spurred a recovery in oil prices from a 4% drop sustained in the previous session, as both gasoline and crude stocks piles fell more than expected. U.S. crude inventories fell by 6.3 million barrels in the week to June 30, to 502.9 million barrels, according to the U.S.

Energy Information Administration (EIA). Gasoline stocks fell by 3.7 million barrels, to 237.3 million barrels. The data suggested strong demand in the United States, but this was offset by a 1 percent rise in weekly U.S. oil production to 9.34 million barrels per day (bpd). Since mid-2016, that's an increase of more than 10 percent.

The rising U.S. output comes as supplies from the Organisation of the Petroleum Exporting Countries (OPEC) rose for a second month in a row in June, according to Thomson Reuters Oil Research, despite its pledge to hold back production between January this year and March 2018. Oil prices have dipped below $50 a barrel from recent highs amid growing investor doubts about Opec and its allies’ commitment to drain the glut in supply, as members of the oil-cartel have increased exports and production, despite the current deal to curb output.

Technically market is under short covering as market has witnessed drop in open interest by -3.32% to settled at 15687, now Crudeoil is getting support at 2913 and below same could see a test of 2879 level, And resistance is now likely to be seen at 3000, a move above could see prices testing 3053.

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Suhani Verma

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