MUMBAI (Commodity Online): India crude oil futures for September delivery on MCX is exhibiting range bound trade and traders are advised to wait and watch till release of weekly US crude oil inventory data which is scheduled to be released later today. The commodity is expected to trade range bound for the day, according to our analyst at Commodity Online. “For intra-day, support for the commodity is seen at 7150 while resistance is seen at 7230,” said Amrita Mashar, Research Analyst at Commodity Online. MCX crude oil futures for September delivery was seen trading up by 0.70% at Rs. 7177 per barrel as of 17.56 IST on Thursday. US Energy Information Administration (EIA) is expected to release its weekly crude oil inventory data at 20.00 IST today and the data released is expected to turn positive for crude oil prices. Intra-day traders are advised to remain cautious till the release of inventory data. WTI crude oil futures for October delivery on NYMEX was seen trading up by 0.52% at $107.79 per barrel as of 18.10 IST on Wednesday.
Posted on: Fri, 06 Sep 2013 01:14:22 +0000