MCX Crudeoil All Target Hit Boom Boom | Neal Bhai

MCX Crudeoil Tips and Forecast: Crude Oil 7610 To 7831

Today's crude oil profit

Today’s crude oil profit — 44,200 in 2 Lots

Neal Bhai Reports (M) — 9899900589 and 9582247600

Having found buyers just above the $94 threshold, WTI prices are rebounding firmly amid a moderately positive risk sentiment and reports that Saudi Arabia is mulling hiking oil prices to record highs.

The world’s top crude exporter Saudi Arabia is considering raising the price of its flagship crude to Asia at a record differential for September despite weak physical demand.

According to the Bloomberg survey, “Saudi is expected to price its Arab Light crude to Asia at a $10.80-a-barrel premium to the region’s benchmark for September-loading cargoes.”

 Saudi Aramco is set to release its official selling prices for September next week. The oil price hike under consideration could suggest a potential turning point for the market.

Despite the latest upswing in the black gold, the further upside appears elusive heading into the expected Fed 75 bps rate hike decision. Additionally, looming recession fears, courtesy of the worsening European gas crisis, China’s covid lockdown and global central banks’ tightening spree, also limit the bullish attempts in the US oil.

At the time of writing, WTI is trading at $95.50, retreating from daily highs of $95.88, still up 0.75% on the day.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

3 thoughts on “MCX Crudeoil All Target Hit Boom Boom | Neal Bhai”

  1. According to preliminary readings from CME Group for crude oil futures markets, traders scaled back their open interest positions by just 81 contracts on Tuesday, reversing at the same time four daily builds in a row. On the other hand, volume rose by around 13.5K contracts for the first time after four consecutive daily drops.

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