Crude Oil Noon Update:
Oil futures prices are trading below Rs.4760/bbl with loss of more than 0.30 percent in MCX platform. Oil prices have slipped in international market on concern from slow down in Global economic growth. Unexpected fall in Australia Job growth and
interest rate cut by Korean government have weigh on Asian equity market ,
which ultimately drove oil lower.
During European session, we may expect oil prices to remain under pressure with the above factors with prevailing European debt concern. Most of the European equities opened in a lower note which may continue to weigh on oil prices.
Update @ 11:00 PM : Crude oil July MCX : Prices are trading near resistance level of 4790-4800 levels. On break above the same it is likely to extend its gains further towards 4845/4860 levels. Key support level to watch is at 4740 levels, which is likely to hold upside view. CMP 4780