Energy Commodity Update by CapitalVia

Energy Commodity Update by CapitalViaCrude futures soared last week on reports that a Malaysian Airlines was shot down over Ukraine not far from the Russian border, while weekly U. S. supply report also bolstered the commodity. Oil prices shot up as concerns began to build that the Russian-Ukraine conflict will escalate and disrupt the global flow of crude oil supported by Investors concern over developments in the Middle East as Israel announced start of a ground campaign in Gaza after 10 days of aerial and naval bombardments failed to stop Palestinian rocket attacks.

For the coming week 6000/5800 will act as major supports levels whereas 6400/6550 will act as major resistance in MCX Crude oil July futures. For the next week, trader can use buy on lower level strategy, if MCX Crude July future sustain above 6100 levels then it could test the levels 6400/6550.

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