Crude Oil Forecast: West Texas Intermediate (WTI), futures on NYMEX, have sensed selling pressure after a weak rebound to near $78.00 in the early European session. On Wednesday, the oil prices witnessed a perpendicular downside move after failing to sustain above the critical hurdle of $81.00.
MCX Crude Oil Tips Today: Thursday’s decent bounce in prices of the WTI was on the back of shrinking open interest and volume, which is supportive that extra strength looks not favoured in the current context. Against that, the continuation of the downside bias seen in the first half of the week seems probable in the very near term.
MCX Crude Oil Tips Today: According to preliminary readings from CME Group for crude oil futures markets, traders added 706 contracts to their open interest positions on Friday, reaching the fourth daily build in a row. In the same line, volume resumed the uptrend and went up by around 485.5K contracts.
- Crude oil has been trading opposite the US dollar in the last month or so but that’s not the case today. The dollar is strong and oil is even stronger, up nearly $2 to a high of $91.34.
- That’s narrowly above the September high of $91.34. and that will be a key level to watch on the close today. This is the fifth straight day of gains.
MCX Crude Tips for Today: MCX Crude Buy Trading Tips Hit All target.
West Texas Intermediate (WTI), futures on NYMEX, has demolished the firmer rebound move, recorded on Monday. The black gold picked significant bids below $82.00 and moved higher, however, the pullback move concluded sooner and the asset resumed its downside journey. The oil prices are hovering around $83.00 and are expected to surrender the same.
Crude Oil Review: State-run ONGC and private sector firm Cairn are likely to benefit if the finance ministry accepts a proposal by the oil ministry to exempt hydrocarbon blocks, which were bid out to companies under the production-sharing contract (PSC) and revenue-sharing contract (RSC) mechanisms, from the windfall taxes on domestic crude.