Energy Commodity Update by CapitalVia
Crude oil prices rose during early European trading hours, amid growing expectations for the Federal Reserve to hold its stimulus program for the time being, although U. S. stockpile numbers kept oil prices in check.
Crude oil prices were likely to find support at USD 92.53 barrel and resistance at USD 95.38 barrel. Oil prices strengthened after Federal Reserve Chair nominee Janet Yellen, in a Senate hearing on Thursday, defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".
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 5868 levels then it could test the levels 5811/5710.