Energy Commodity Update by CapitalVia

Energy Commodity Update by CapitalViaCrude oil fall on Friday as stronger dollar and progress in talks between Iran and the West over Tehran's disputed nuclear program pressured prices. Also, strong US GDP growth supported the case for stimulus withdrawal by Fed and pushed oil prices down. China's crude oil imports in October fell to 20.41 million tonnes, their lowest in more than a year. It was down 13.8% from the previous year.

Tensions in Libya have worsened and supplies are likely to be pressured from the country in the coming days. Crude oil prices are likely to remain in range as investors would await the decision over Iran's nuclear program from the meet which ends today.

For the coming week 5710/5500 will act as major supports levels whereas 6110/6400 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 5872 levels then it could test the levels 5811/5710.