MUMBAI (Commodity Online):?Crude Oil futures for February delivery on India's Multi Commodity Exchange (MCX) is sideways on worsening Euro zone crisis and declining initial jobless claims in US.
MCX crude oil futures was down by 0.21 percent at Rs.5244 per barrel as of 04.05 PM IST on Friday.
?For intra-day, overall trend looks sideways. The commodity has support at 5220 while, 5280 is the resistance. Traders are advised to sell near 5250 with stop loss of 5280 for target near 5220,? said Amrita Mashar, Research Analyst at Commodity Online.
?If prices break 5220 level then, futures are expected to move towards 5180 levels,? she added.
Earlier, crude oil February contract opened slightly negative and later stood firm near 5250.
The movement of the commodity changed direction as Iran and the IAEA failed to arrive at a consensus on the date to allow inspectors to inspect Iranian nuclear facilities.
A decline in US initial jobless claims supported US crude prices as US Labour Department has reported decrease in unemployment claims for the week ended February 9 by 27000. The advance figure for seasonally adjusted initial claims was 341,000.Last week's revised figure was 368000.
The 4-week moving average of job figures was 352,500, an increase of 1,500 from the previous week's revised average of 351,000.
Meanwhile, significant fall in European economic growth rate pulled down the futures.
Organization of the Petroleum Exporting Countries (OPEC) may cut its crude oil shipments by around 1 percent this month due to production disruptions in Saudi Arabia.
Crude Oil futures for March delivery on New York Mercantile Exchange (NYMEX) was down by 0.50 percent at $ 96.83 per barrel as of 04.26 PM IST on Friday.
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