By Ankush Kumar Jain
On India's MCX, crude oil for January delivery is expected to have crucial resistance at Rs 5170 and the next upside move may occur only above Rs.5170 level. If prices sustain above Rs.5170 then it may touch Rs 5300 levels in coming sessions.
Meanwhile, as per the American Petroleum Institute data, U.S. crude oil stocks climbed 2.4 million barrels last week. The Energy Information Administration data scheduled for today may show crude stocks climbing by 2 million barrels, a Bloomberg survey said.
?We?ve got inventory numbers tonight and with a forecast increase that keeps stockpiles at very elevated levels,? said Michael McCarthy a chief market strategist at CMC Markets in Sydney to Bloomberg News.
This may be bearish for crude oil prices intra-day.
While on the lower side, crude oil is having a very good support at Rs.5040. Prices are expected to trade in a range between Rs.5040 and Rs.5170 for the day and breakout to any of the sides would give a clear direction domestic markets.
Intra-day traders are advised to short sell crude oil January futures around Rs 5140 with a stop loss of Rs 5170 and wait for the target near Rs.5090 and Rs.5050.
Crude futures on the NYMEX faced a strong resistance of $94 in yesterday?s session. By the end of the session crude lost all the gains as it was unable to breach the said levels. Today the commodity is expected to trade in a range between $92 and $94 and breakout to any of the sides will give a clear direction for oil prices.
The EIA meanwhile forecasts that crude consumption around the world is expected to climb to record levels.
On India's MCX, crude oil for delivery on January 21 was seen trading at Rs.5107 a barrel, a loss of 0.02% as of 05.13 PM IST on Wednesday.
On the ICE Futures Europe, price of Brent Crude Oil for February 13 delivery was spotted trading at $111.79 a barrel even as WTI Crude oil for delivery on the same date was seen trading at $ 93.03 as of 17:32 IST on Wednesday.(Ankush Kumar Jain is Research Analyst, Commodity Online)
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