Monday, March 21, 2011

MCX Crude Oil Updates

Crude oil prices ended higher Saturday on short covering after prices fell on Friday. Libya declared a ceasefire, easing for the moment the threat of a Western air attack that could escalate the conflict and further damage oil facilities.  

On Monday, Crude Oil prices opened at 4572 rupees and rose by 1.40 percent to 4652 rupees per BBL.

Instant support for crude is at 4600 and below could see a test of 4568 rupees and resistance is now likely to be seen at 4665, a move above could see prices testing 4698.

Another increase in China's rate reserve and continued unrest in Arabian countries putting pressure on Crude Oil prices from last few days. In case Middle East issue will keep on burning in near term than Crude Oil price may touch 5,000 rupees in coming month


Posted By Commodity MCX Tips