MCX Crude Oil prices slumped on renewed global economic worries, pushing back more than 10 percent this month for its biggest quarterly decline in five quarters. A gloomy economic outlook and weak demand in the United States have dragged markets down this quarter.
On Monday morning, MCX Crude oil falls by 2.2 percent to 3836 rupees per BBL at Multi Commodity Exchange. Crude prices remain in tight range as expected return of oil exports from Libya, cut off by the civil war, and added a bearish spin this month. Libya's output has begun to recover after falling to almost nothing in the civil war, the survey found.
For medium term, Crude oil may trade in range of 3800 – 4020 rupees. Support for contract seen at 3750 rupees and resistance looks above 4100 rupees.
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