MCX Crude Oil Rock Hard Resistance @ ₹5192, Any Rally Only Sell – Neal Bhai Reports
Crude Oil on MCX settled down 1.7% at 5039 after the report from Wall Street Journal which raised doubts over the initial public offering of Saudi Arabia’s state oil company, known as Aramco.
While Nymex Crude oil prices end at lowest in a week fell $1.20 to settle at $72.94 a barrel. It was trading at just over $74 before the supply data and saw its lowest finish since June 27 on surprise climb in domestic crude supplies.
Trader had said that the IPO was at least part of the reason that the Saudis were pushing for higher oil prices by agreeing to production cuts that began in 2017. Prices were already trading lower in the wake of the EIA report Thursday that showed crude stockpiles rose by 1.2 million barrels for the week ended June 29.
The data, which were released a day later than usual because of Wednesday Independence Day holiday, marked the first increase since the week ended June 1. – Neal Bhai Reports