Gold Silver Reports – ✅ Crude Oil Buy on Dips Target 4140, Sell Karna Mana Hai Support Key 3940 – Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 1.84% to settled at 22967 while prices up 33 rupees.
Crude Oil is getting support key at 3960 and below same could see a test of 3940 level, And resistance key is now likely to be seen at 4100, a move above could see prices testing 4140.
Crude Oil on MCX settled up 0.82% at 4036 as crude stockpiles stowed in American tanks and terminals dwindled for an eighth straight week. Crude oil prices continued their bullish start to the week as traders cheered signs of ongoing tightening in domestic crude oil supplies which offset a larger-than-expected build in both gasoline and distillate stockpiles.
Inventories of U.S. crude fell by roughly 4.95 million barrels for the week ended Jan. 5, beating expectations for of a draw of 3.44 million barrels. Gasoline inventories – one of the products that crude is refined into – rose by 4.14 million barrels, well above expectations for a rise of 2.62 million barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – rose by 4.3 million barrels, confounding expectations for a rise of just 1.46 million barrels.
Refinery crude runs fell 285,000 bpd as utilization rates fell by 1.4 percentage points to 95.3 percent of total capacity, EIA data showed. Investor fears of rising US production capped upside momentum, however, despite data showing U.S. output fell by nearly 300,000 barrels a day to 9.49 million barrels a day (bpd). Production is expected to hit 10 million bpd next month as rising oil prices attract US shale producers to ramp up output. – Neal Bhai Reports