MCX Crude May contract closed on Tuesday at 4995 rupees per barrel, down by 8 rupees against previous close of 5003. The contract opened strong this morning at 4998 made an intraday low at 4991 and last traded at 5003 up by 8 rupees after touching an intraday high of 5032.
In international markets, Crude prices last traded near 112.3 USD per barrel. As per expectation by analysts, if Crude oil inventory data to be released tonight by EIA comes up, then Crude prices may fall on profit booking. Crude in dollar terms may touch 107-103 levels in the near future.
On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4700-4600 in the coming few trading days.
Support for Crude is seen at 4900 and below it; prices can test 4775 while the resistance levels are seen at 5100 and 5250 respectively. Short term range for MCX Crude Apr contract is seen at 4600-5100.