WTI Crude Oil has recovered sharply in the past few days but on daily charts the recovery seems to have hit a plateau at $90 levels from where it could actually fall again. However, break of upper trend line in ascending triangle formation can push prices higher to $93.5 where again it could face resistance as had happened earlier. Both open interest and volumes have witnessed a strong upward movement indicating rise in speculative activity in Oil which will provide firm support to prices.
The Wednesday EIA inventory report report was a mixed bag, with crude oil stocks falling by a slightly smaller than expected amount of 964,000 barrels. Meanwhile, imports were a little lower than the prior week and the refinery operating rate was up 1.1% to 91.50%.
EIA distillate stocks showed an unexpected draw last week of 1.085 million barrels. The entire complex traded higher after the report, led by gains in the crude oil market. Gains in equity markets and weakness in dollar provided support for Oil.
The MCX Crude Oil January charts have also shown a sharp recovery similar to WTI crude oil but near-term resistance is seen at Rs 5000 per barrel. Volume and open interest has shown good growth this week signaling investor interest in the commodity.
By Sreekumar Raghavan
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Sharp Recovery May Be Capped At $90, For MCX Crude 5000
Published 12/20/2012, 06:10 AM
Updated 05/14/2017, 06:45 AM
Sharp Recovery May Be Capped At $90, For MCX Crude 5000
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