Energy Commodity Update by CapitalVia
Crude prices fluctuated between a small range as the investor remained outside the market to await the January jobs data in U. S. Poor U. S. Manufacturing data released earlier in the week sparked concerns over a possible slowdown in the economic recovery that softened oil prices.
For the coming week 6044/5700 will act as major supports levels whereas 6170/6310 will act as major resistance in MCX Crude oil February futures. For the next week, trader can go for sell on higher level strategy, if MCX Crude February future sustain below 6050 then it could test the levels 5940/5790.