Crudeoil on MCX settled down -2.58% at 3025 adding to losses after data showed that crude supplies in the U.S. rose by the most since at least 1984. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 14.4 million barrels in the week ended October 28. Total U.S. crude oil inventories stood at 482.6 million barrels as of last week, which the EIA considered to be “historically high levels for this time of year”. The report also showed that gasoline inventories decreased by 2.2 million barrels, compared to expectations for a decline of 1.1 million barrels. The American Petroleum Institute said crude stockpiles rose by 9.3 million barrels in the week to Oct. 28, more than nine times the amount expected. The API report also showed a decline of 3.6 million barrels in gasoline stocks, while distillates showed a drop of 3.1 million barrels on the week. Prices have slumped in recent days as hopes have faded that oil producers would settle their differences and agree to output cuts when the Organization of the Petroleum Exporting Countries (OPEC) meets on Nov. 30. OPEC reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held in Algeria in late September. However, the 14-member oil group said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. Technically market is under fresh selling as market has witnessed gain in open interest by 20.49% to settled at 21303 while prices down -80 rupee, now Crudeoil is getting support at 2985 and below same could see a test of 2946 level, And resistance is now likely to be seen at 3086, a move above could see prices testing 3148.

Trading Ideas:

Crudeoil trading range for the day is 2946-3148.

Crude oil dropped adding to losses after data showed that crude supplies in the U.S. rose by the most since at least 1984.

The U.S. EIA said in its weekly report that crude oil inventories rose by 14.4 million barrels in the week ended October 28.

Total U.S. crude oil inventories stood at 482.6 million barrels as of last week, which the EIA considered to be “historically high levels for this time of year”.