MCX Crude Target Today: Crude Oil yesterday settled down by 5.45% at 4233 on concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow recovery in fuel demand and as producers cut prices, indicating ample oil supply.
Crude Oil prices rose more than 1% on Wednesday to their highest in nearly a month as industry data showed US crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential US-Iran conflict.
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.
MCX Crude Trading Tips – Above 4001 Target 4220—4410, Buy on Dips – Neal Bhai
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.
Gold Silver Reports (GSR) – We expect oil prices to trade higher today as the OPEC supply cut and cut in Venezuela exports on account of sanctions coupled with progress in the US-China trade relation.