Crude MCX May Maintain Strong Positive Trend

Crude MCX May Maintain Strong Positive Trend

Gold Silver Reports — Crude Oil MCX  may continue its bullish momentum as it can test 3420 in MCX .Meanwhile OPEC meeting this week on 2 June will give further direction to the prices.

US oil prices were lifted early on Tuesday by the start of the peak demand summer driving season, although international fuel markets were weighed down by rising output in the Middle East, which mostly serves Asian customers. Demand in North America is set to pick up along with the official start of the U.S. summer driving season this week, triggering a cut in the amount of open short crude positions that would profit from falling prices.

Iraq will supply 5 million barrels of extra crude to its partners in June, industry sources familiar with the issue said, joining other Middle East producers by lifting market share ahead of an OPEC meeting this week. Natural gas may remain on volatile path in range of 142-148 in MCX.

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