MCX Crude Oil Updates : 10 June 2011

MCX Crude June contract closed on Thursday at 4548 rupees per barrel, up by 26 rupees against previous close of 4522. The contract opened up this morning at 4554 made an intraday high at 4562 and last traded at 4520 down by 28 rupees after touching an intraday low of 4515 rupees.

In international markets, Crude prices last traded near 101 USD per barrel. Crude prices seen falling on the back of profit booking and may test 96-93 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4340-4220 in the coming few days on the back of short selling.

Support for the said contract is seen at 4450 and below it; prices can test 4375 while the resistance levels are seen at 4575 and 4650 respectively. In the near term, MCX May Crude prices are likely to trade in a range of 4150-4600


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