Crude Oil MCX – Next Target Price 2080—2220, Don’t Sell
Crude oil prices on Friday rose Rs 294 to Rs 1,915 per barrel as participants widened their positions in line with a positive trend overseas.
Crude oil prices on Friday rose Rs 294 to Rs 1,915 per barrel as participants widened their positions in line with a positive trend overseas.
Crude Oil slumped to a 17-year low as coronavirus lock-downs cascaded through the worldslargest economies, leaving themarket overwhelmed by crateringdemand and a ballooning surplus of crude.
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These data pointers pulled the WTI Crude under $56 per barrel and the counter currently trades at $55.92 per barrel, down more than 1% on the day. Markets also preferred to book profits ahead of the US EIA weekly inventories data.
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.