MCX Crude oil futures recovered from lows traded near $82 on speculation that Fed would boost investment confidence in its FOMC meeting held last night. The positive world equity indices lifted oil expecting the worst is over.
We expect oil prices to recover and trade up on expectation of improved economic outlook and reduced investment risk. However bearish inventory data may pressure oil prices in the evening session. NYMEX crude oil has resistance at $84, support at $80.
We expect oil prices to recover and trade up on expectation of improved economic outlook and reduced investment risk. However bearish inventory data may pressure oil prices in the evening session. NYMEX crude oil has resistance at $84, support at $80.
MCX Crude Oil Intraday Levels
S1: 3670 and S2: 3640,
R1: 3760, and R2: 3790
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