NYMEX Crude oil has been dropped by
around 1 percent. The Overseas crude oil is showing a bearish trend
in the market. Currently Crude oil at NYMEX is trading at $
90.60 a barrel. Which is almost the lowest of last 7 weeks. Supply of
crude oil from Saudi Arabia are expected to grow in the near term.
Worldwide demand for crude oil is getting less while the supply is
becoming at it's high. Worldwide supply of crude oil have risen by
2.9 percent from January to August. In September, U.S. crude oil
stocks rose 9 per cent.OPEC oil production in August increased by
260,000 barrels per day.
MCX Crude Oil Trading
Tips For Today
By taking above global
cues we are expecting that in near term the crude oil prices in the
domestic market may go down. Hence We advise you to Sell around 4900
levels with a stop loss placed above 4950 levels for targets of 4840
levels.
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