Energy Commodity Update by CapitalVia
U. S. crude prices rose on Friday as supply disruption fear from Sudan and Libya kept the prices in check during the Holiday week in all major markets.
Supply outages in Africa are also in focus and added some geopolitical risk premium to prices. Crude oil prices are expected to move up for the week as ongoing tensions in Libya and Sudan can support oil prices, also draw down in Crude inventories can push the prices higher.
For the coming week 6150/5900 will act as major supports levels whereas 6500/6710 will act as major resistance in MCX Crude oil January futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude January future sustain above 6250 levels then it could test the levels 6348/6470.