MCX Free Tips | Commodity Tips
Crude is forming a symmetrical triangle, which could take it to Rs 5,300-5,350 on MCX
We can see a similar move as we saw in June and prices could head higher towards the recent high of Rs 5,170 and a sustained move above Rs 5,200 could see Rs 5,300/5,350 as well
Crude oil is trading higher from its previous week's close, going into the weekend after registering a low of $66.92/bbl and Rs 4,592 on the MCX.
Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in US crude inventories, but held back from advancing by the prospect of rising global supplies.
Overall, US crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels, according to data from the Energy Information Administration (EIA). However, stocks at the key Cushing storage hub in Oklahoma fell by 1.3 million barrels, the EIA data showed. EIA/S is thought to be a factor in oil prices were well bid.
There is increasing chatter about Cushing inventories being down. This primary US oil hub's inventory now sits at the lowest levels since 2014. source-www.moneycontrol.comThe drop in Cushing inventories was a driver for rising crude oil prices amid signs that last week's overall build in inventories will not last very long.
Even with last week's rise, overall US crude inventories are below the 5-year average of around 420 million barrels. Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday.
We can see a similar pattern unfolding in crude prices as of now, which was earlier formed in the month of June. In the earlier pattern, we can see prices broke out above the Symmetrical Triangle confined in trend line (T1 and T2) and went higher towards 5170.
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