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Crude Trading Ideas: July 26, 2012

ByCommodityOnline
Published 07/26/2012, 03:03 AM
Updated 05/14/2017, 06:45 AM
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Crude trading range for the day is 4837-5063. Technically market is getting support at 4892 and below could see a test of 4837 level, And resistance is now likely to be seen at 5005, a move above could see prices testing 5063.

Crude oil dropped once again and settled down by -0.95% at 4946 after EIA showed US stockpiles unexpectedly climbed as production surged to the highest level in 13 years, supplies rose 2.72mbls, also pressure mounted after slumping US housing data pushed the commodity lower as well.

Nymex Crude oil prices gained around 0.5 percent yesterday taking cues from upbeat global market sentiments, rising tensions in Middle East along with weakness in the DX. However, sharp upside in prices was capped on the back of unexpectedly rise in US Crude oil inventories.

Crude oil prices touched an intra-day high of $89.36/bbl and closed at $89/bbl in yesterday’s trading session. On the domestic bourses, prices declined around 0.9 percent on account of appreciation in the Indian Rupee and closed at Rs.4,946/bbl after touching an intraday low of Rs.4896/bbl on Wednesday.

Meanwhile US congressional negotiators are trying to finish work on new sanctions aimed at further restricting Iran's oil revenues, a package they hope to approve by the end of next week before lawmakers leave Washington for an extended recess.

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