MCX Crude Oil Likely To fall More

MCX Crude May contract closed on Thursday at 4577 rupees per barrel, down by more than six percent against previous close of 4875. The contract opened flat this morning at 4975 made the same level as an intraday high and last traded at 4444 down by 133 rupees after touching an intraday low of 4219.

In international markets, Crude prices last traded near 99.4 USD per barrel. Crude in dollar terms are likely fall further because of weak global demand and may touch 97-94 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4290-4220 in the coming few trading days.

Support for Crude is seen at 4400 and below it; prices can test 4325 while the resistance levels are seen at 4525 and 4625 respectively. Short term range for MCX Crude May contract is seen at 4200-4700.


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