From the intra-day perspective we expect crude oil prices to trade with a negative bias on the back of expected rise in US crude oil inventories, slowdown in China’s crude oil consumption and strength in the US dollar index.
We expect natural gas prices to trade positively on account of late week-end winter and industrial demand. A weaker Rupee may cushion further fall on the MCX in case of crude oil and will lead to further gains in case of natural gas prices.
MCX Crude May’12 Rs/bbl support:5429/5407 resistance:5465/5486
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