Futures in New York slid as much as 30%, snapping a four-day recovery as the United States Oil Fund LP said it will move all the money it invested in the front-month June WTI oil contract starting today, triggering a massive swing in the price relationship between the June and July contracts.
Mcx Crude Oil
Oil Jumps in Early Asia Trading After Two Days of Huge Selloffs
West Texas Intermediate oil jumps for June delivery gained $1.16 to $12.73 a barrel at 6:04 p.m. in New York. That stemmed a massive selloff over the past two days that took the May contract below zero.
Crude Oil Plunges Below Zero for First Time in Unprecedented Wipeout
The crude oil price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
Crude Oil (WTI) Bullish Above $57 / MCX Above ₹4100 Only Buy – Neal Bhai Reports
Crude Oil prices will have a major impact on the direction that the Russian economy will take, according to the chief executive of the Russian Direct Investment Fund (RDIF), but the country’s alliance with major oil producer group OPEC (known as OPEC+) is “ready to act” if necessary, he said.
MCX Crude Oil Price Strong Support @ ₹4579 – Neal Bhai Reports
Gold Silver Reports (GSR) – Crude Oil on MCX settled down 2.22% at 4629 after data showed an unexpected build in U.S. crude stockpiles as imports increased and exports fell. Oil prices were also hampered by a reported increase in UAE output by about 85,000 barrels a day July.
MCX Crude Oil Rock Hard Resistance @ ₹5192, Any Rally Only Sell – Neal Bhai Reports
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.
MCX Crude Oil Ready For New Ultimate Target ₹5120 — ₹5220 Very Very Soon – Neal Bhai Reports
MCX Crude Oil Ready For New Ultimate Target ₹5120 — ₹5220 Very Very Soon – Neal Bhai Reports
Technical Power of CFA’s
(CHARTRED FINANCE ANALYST)
Mobile No. 9582247600 & 9899900589