Energy Commodity Update by CapitalVia
Crude oil prices remained sideways on Friday as signs of escalating violence in the Middle East were jolted by a Twitter posting from the Israeli military that, at first glance, suggested they had just bombed Syrian airports.
We expect Crude oil prices to remain in a rang as uncertainty regarding US debt ceiling issue and oversupplied market can keep crude oil in a range.
For the coming week 6000/5816 will act as major supports levels whereas 6367/6600 will act as major resistance in MCX Crude oil October futures. For the next week, trader can go for sell on higher level strategy, if MCX Crude October future sustain below 6190 levels then it could test the levels 6120/6000.