Crude Oil Update: Oil rose in New York, adding to two weeks of gains, amid concern that political tension in the Middle East may lead to a disruption in crude supplies. Oil futures climbed as much as 0.9 percent after the U.S. said one of its guided-missile destroyers collided with an oil tanker near the Strait of Hormuz in the Persian Gulf.
Israel will hold home defense drills this week as the Haaretz daily reported that the nation is considering a strike against Iran over its nuclear program. Crude has advanced 10 percent since European Union sanctions against Iran took effect last month.
U.S. retail sales probably increased in July for the first time in four months, easing concern that economic expansion is faltering. This may continue to support Crude-oil prices for the time being.
TECHNICAL UPDATE : Crude oil Aug MCX : Intraday bias remain upside. Key support level to observe is at 5145 levels, which is likely to hold upside view. Resistances are seen at 5195/5225 levels. CMP 5187
As Call Given in Our CDRR @ morning 10:00 ‘Buy @ 5150,Targets 5180/5205’,Target 1 was Achieved, High Made: 5189 ,Profit:4000+ per lot ,We Are Still holding Upside View,Buy from Dips will be the strategy for the day.