Crude oil for August delivery CLQ2 +0.01% lost 18 cents, or 0.3%, to $79.16 a barrel on the New York Mercantile Exchange in electronic trading.

Investors are eyeing the U.S. crude oil inventory data from the Energy Information Administration due later in the day as they expect a decline for crude stockpiles by 1 million barrels which would indicate that demand for the commodity in US, world’s largest consumer is strong.

Crude Oil Inventory Data : 

Previous: 2.861M

Expected : -0.450M to -0.5M

Actual : 0.133M

Previous 6 Weeks Inventory Data :

Release Date Actual Forecast Previous
Jun 20, 2012 2.861M -1.110M -0.191M
Jun 13, 2012 -0.191M -1.411M -0.111M
Jun 06, 2012 -0.111M -0.488M 2.213M
May 31, 2012 2.213M 0.558M 0.883M
May 23, 2012 0.883M 0.950M 2.128M
May 16, 2012 2.128M 1.736M 3.652M

 Crude Oil Technical Chart OutLook :

If Inventory Data Comes  around Expectation Levels , We Advise to Buy NYMEX Crude Above : 79.65 Levels, For Short profits

Those who Are Holding Short Positions are Advised to Exit if it Sustains above 79.60

Important Support and Resistance Levels for Crude Oil are 

NYMEX Crude Oil – Aug’12  

  • Supports :78.20   78.67
  • Cmp : 79.14
  • Resistance : 79.62   80.10

MCX Crude Oil – July’12  

  • Supports :4514  than  4531
  • Cmp: 4548
  • Resistance : 4564    4580

 Free Recommendation (Momentum-HIGH RISK) : Crude Oil MCX Buy Above : 4565,T1:4580,T2:4600,SL:4510 @ 27.06.12,05:04 PM

US DOE Petroleum  Data Update @ 08:00 PM    

  • Crude Oil Inventory Actual: 133K Survey -1300K Prior: 2861K
  • Distillate Inventory Actual: -2279K Survey 1225K Prior: 1156K
  • Gasoline Inventory Actual: 2078 K Survey 1000K Prior: 943K
  • Refinery Utilization   Actual: 0.70%Survey 0.0% Prior: -0.10%

Impact: Data might supportive for oil prices. From technical end short term trend is still bearish but smart pull back is expected.

Free Recommendation (Update) : Crude Oil Call, Buy Given Above : 4565,High Made:4638,Profit:3500+ per lot @27.06.12,08:02 PM

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