MCX Crude Selling Call Rocking, Crude 9010 to 8644 Enjoy – WTI crude oil adheres to profit-booking as it renews intraday low around $115.00, after rising the most in a week to poke $116.30 the previous day. While softer USD and no mercy for OPEC+ seemed to have triggered the black gold’s previous upside, mixed sentiment ahead of the US jobs report seem to weigh on the quote on early Friday.
Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially due to the energy sanctions against Moscow, the Financial Times (FT) reports, citing five people familiar with the discussions.
WTI Crude Oil Forecast: Considering preliminary readings from CME Group for crude oil futures markets, traders increased their open interest positions for the fourth consecutive session on Tuesday, this time by around 20.3K contracts. Volume followed suit and went up by around 481.3K contracts, the largest single-day build since March 31.
MCX Crude Forecast and Trading Tips For Today [17-03-2022]
- Crude Oil prices have seen a strong rebound on Thursday, with front-month WTI futures surging nearly $8.0 to the $102s.
- While prices are still $27 below last week’s highs, Thursday’s rally may signal an end to the recent bear run.
MCX Crude Prices Will Cross 10,300 Very soon: Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil.