MCX Crude Oil Tips Today: All Target Hit 4930 To 5006 — Crude Oil yesterday settled up by 5.32% at 4887 recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.
Risk appetite in global markets increased despite persistent worries about the COVID-19 Delta variant hampering economic growth.A stronger dollar amid China’s crackdown on the once high-flying technology firms and rising prospects of tighter monetary measures from the Federal Reserve also weighed on crude oil prices.
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Saudi Arabia’s crude oil exports in June rose to 5.965 million barrels per day (bpd) from 5.649 million bpd in May, official data showed.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
U.S. crude oil stockpiles dropped last week to their lowest levels since January 2020, the Energy Information Administration said. Inventories have been declining for several months as U.S. fuel demand has rebounded with Americans getting vaccinated against coronavirus.
Infections, however, are surging again and analysts are watching to see if fuel demand slackens, particularly across southern states where the number of people infected has surged.
Crude Oil Tips Today & Trading Calls:
- Crude Oil trading range for the day is 4890——5050.
- MCX Crude Oil Tips Today prices rose more than 5% recovering from a seven-day losing streak due to a weaker dollar and strength in global equities markets.
- Risk appetite in global markets increased despite persistent worries about the COVID-19 Delta variant hampering economic growth.
- Saudi Arabia’s crude oil exports in June rose to 5.965 million barrels per day (bpd) from 5.649 million bpd in May, official data showed.
