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.
The overall sentiment is bullish for gold next week with the U.S. dollar, safe-haven demand, and heightened volatility selected as the top three triggers that could push the yellow metal higher in the short term.
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.
MCX Copper Tips – Strong Resistance at 458 level, Sell On Rise – Neal Bhai Reports
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.