Energy Commodity Update by CapitalVia

Energy Commodity Update by CapitalViaU. S. crude futures edged higher on Friday as higher gasoline futures over supply concerns as an outage at the nation's largest refinery added to a cluster of plant problems. Iran and six major powers have made some progress toward an interim deal to curb Tehran's nuclear programme in exchange for sanctions relief, but both sides said they still have significant differences to overcome.

Crude oil prices are expected to remain high, as supply concerns in gasoline futures in US can push the prices higher.  

For the coming week 5916/5752 will act as major supports levels whereas 6300/6470 will act as major resistance in MCX Crude oil October futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude October future sustain above 6110 levels then it could test the levels 6184/6299.