Crude Oil Noon Update: Crude oil futures prices are holding above Rs.5400/bbl and trading in a range bound since opening in MCX platform. In one side, threat oil supply tightening in Gulf region is supporting crude oil to take positive cues. On other side, lower equity market from Asian and European region is limiting the gains. Lower industrial report from China weigh on Asian equities,
whereas European equities are trading flat ahead of German economic releases. IFO numbers from German are likely to paint the sluggish economic picture, which may weigh on the shared currency and hence on oil futures. However, slight improvement in US manufacturing sector is expected as a reflection on Dallas Fed Manufacturing index.
Thus, oil prices may take positive cues from it. We suggest to remain on buying side in dip. as We have Given Buy Call to Our Paid Members Since Morning