UPDATE : Crude oil Nov Nymex future prices are at $89.50 levels, down by -2.64%. Supports is at $88.90 levels. Break below confirms further weakness. Resistances : $90/$90.80 levels.
Crude oil Oct MCX future prices are likely to extend its drop further if it breaches the support at 4700. Supports are at 4675/4642 Resistances : 4738/4765. CMP 4715.
DOE Inventory Data Update :
- Crude Oil Â Actual: -482K Â Survey: 1500K, Prior: -2446K
- Gasoline Â Actual: 114K Â Survey: -500K ,Prior: -481K
- Distillate Â Â Actual: -3689K Survey: -400K, Prior: -482K
- Ref. utilization % Â Actual: 0.80% Â Survey: 0.10%, Prior: -1.50%
Crude oil stocks has been decclined by more than 400K barrels due to more than 7.5 % fall in import in the last week. Slight rise in Gasoline and Distillate demand may support oil prices to take a positive cues for a small time. However, rise in crude oil stocks in Cushing Oklahoma delivery centre by more than 135K barrels may continue to weigh on oil prices. Overall, we suggest remain on selling side
Free Recommendation : Crude oil Oct MCX : Sell at 4725-4730 TP 4698/4672 SL above 4753. CMP 4726 @ 08:01 PM, 03.10.12
Free Recommendation Update: Book Profit in Crude Call,Sold@4725,Low:4669,Profit: 5000+ per Lot @Â @ 08:24 PM, 03.10.12