Gold Silver Reports (GSR) – Crude Oil on MCX settled up 0.22% at 5086 as signs of a slowdown in U.S. output, and continued supply outages, prompted traders to increase their bullish bets on oil. Trade disputes between the United States and economies including China, India and the European Union continued to weigh on market sentiment.
MCX Crude Oil is getting support key @ ₹ 5000 and below same could see a test of ₹ 4980 levels and resistance is now likely to be seen at ₹ 5130, a move above could see prices testing ₹ 5210.
U.S. President Donald Trump’s?top economic adviser Larry Kudlow said?that?the?president is not?retreating on China,?although Trump’s plan to crack down on foreign investment is less harsh than many had expected.
Read More: Free MCX Crude Report : Above ₹ 4610, Sell Karna Mana Hai, Any Panic Only Buy
Crude Oil prices have been rallying since the beginning of the year on tightening market conditions and?voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC).
Read More: MCX Crude Oil Ready For New Ultimate Target ₹5120 — ₹5220 Very Very Soon – Neal Bhai Reports
Unplanned supply disruptions from Libya to Venezuela also remained in focus. North America’s oil markets have tightened as an outage of Canada’s Syncrude has locked in over 300,000 barrels per day (bpd) of production. – Neal Bhai Reports (NBR)
