Energy Commodity Update by CapitalVia
We expect crude oil prices to trade on the positive note on the back of rise in worries over supply disruption due to unrest in Middle East along with the decline in US crude oil inventories from EIA. Further, strong manufacturing data from China, Euro Zone and US may support prices to trade in green as the expectation of rise in crude oil demand increased.
So, for the coming week 6713/6500 will act as major supports levels whereas 6900/7200 will act as major resistance in MCX Crude oil September futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude September future sustain above 6820 levels then it could test the levels 6890/6990.