Crude oil futures declined on bearish inventory data and traded below $102 on pressured by weak equity indices and stronger dollar. Crude Oil prices recovered in the late evening session amid geopolitical tensions in Iran after an Iranian nuclear scientist killed in a Tehran bomb blast.
We expect oil prices to trade sideways to down on bounding tension on Iran with gloomy economic outlook as speculative buying will limit any down side in the prices. NYMEX Crude Oil has resistance at $103.4 with crucial support at $98.
MCX Crude Oil Jan
Crude Oil S1: 5230 S2: 5190, R1: 5320, R2: 5370
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