MCX crude March contract may trade sideways ahead: Geojit
Published on Wednesday, March 17th, 2010 at 7:14 PMAuthor: onlinecommoditycalls (1958 Articles)
“NYMEX crude prices traded near USD 82 a barrel after prices rebounded more than 3% on dollar decline. OPEC ministers indicated that they would abstain from raising production. OPEC`s current production is 1.5 million barrels a day more than the demand for its crude in the second quarter.
As per the DOE crude inventory forecast, crude prices are expected to increase 1.1 million barrels. Gasoline inventories as well as distillate inventories expected to decrease 1.0 and 1.3 million barrels respectively. US crude oil refinery inputs averaged 13.9 million barrels per day during the week ended March. 5 and 149 thousand barrels per day below the previous week. Refineries operated at 80.7% of their operable capacity last week. MCX active March contract futures were trading at 3,733 with 0.35% gains,“ said Geojitcomtrade today.
“MCX crude March contract may trade sideways. Support for the same is at Rs 3,600-3,670 and resistance is at Rs 3,750 and 3,800 levels,“ it added.
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