Crude oil Trend Updates:- MCX Crude oil has seen some hike
in the prices today. Crude oil prices in the domestic market
increased by around 0.5 per cent, while in the international market
has been extremely sluggish business. The eye of the market are on
this week's Federal Reserve meeting and also on the U.S. Energy
Department's inventory forthcoming report. Meanwhile, the world's
largest oil producer Saudi Arabia's Oil Minister Ali al-Nami said
that no solid reason behind crude oil is up.
Hence
in near term the crude oil Futures contract of September month at
domestic market is likey to see the support level at around 5250. We
recommend MCX Crude oil (September futures) to Sell at 5310 with
stoploss - 5330 and target – 5250.
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