Crude oil futures were trading lower during the morning trade in the domestic market on Monday as investors and speculators cut down their exposure in the domestic spot market after media reports that oil was flowing unhindered through Turkey’s pipelines and waterways after a failed coup attempt against President Recep Tayyip Erdogan.
Analysts said that traders cut short their positions at the spot market as traders dismissed worries of oil supply disruptions from the failed coup in Turkey over the weekend, influencing the downtrend at crude oil futures.
At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,080 per barrel, down by 0.03 per cent, after opening at Rs 3,099, against a previous close of Rs 3,081. It touched the intra-day low of Rs 3,080 (At 10:18 hours).
At the MCX, crude oil futures for July 2016 contract is trading at Rs 3,080 per barrel, down by 0.03 per cent, after opening at Rs 3,099, against a previous close of Rs 3,081. It touched the intra-day low of Rs 3,080 (At 10:18 hours).
During the first week of June, the overall count moved higher for the first time in 2016 ending a 41-week drought. Technically market is under short covering as market has witnessed drop in open interest by -19.22% to settled at 12684, now Crudeoil is getting support at 3036 and below same could see a test of 2992 level . Get further details by joining epic research.
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