MCX Crude oil prices gained sharply by almost 2.3 percent on Monday mainly as investors expect US fuel demand may rebound and a recovery in Libyan crude output will take longer than expected.
Crude Oil touched an intra-day high of $84.67/bbl and closed the session above the level of $84/bbl yesterday. On the MCX, crude oil August contract rose around 1.6 percent further gains were resisted on account of Rupee appreciation.
Intraday Outlook
Crude oil prices are expected to trade with a sideways bias mainly on the back of increasing concerns over global economic.
However, dollar weakness and favorable manufacturing data from China will help to cushion sharp downside in prices.
Crude Oil touched an intra-day high of $84.67/bbl and closed the session above the level of $84/bbl yesterday. On the MCX, crude oil August contract rose around 1.6 percent further gains were resisted on account of Rupee appreciation.
Intraday Outlook
Crude oil prices are expected to trade with a sideways bias mainly on the back of increasing concerns over global economic.
However, dollar weakness and favorable manufacturing data from China will help to cushion sharp downside in prices.
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