CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6540 R1-6460 S1-6350 S2-6280
Crude oil futures ended lower in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking a weak trend in the overseas market amid fears of easing supply concerns.
Crude oil futures may fall today amid speculation that Iraq’s crude supply maybe unaffected by the violence.
At the MCX, Crude Oil futures, for the July 2014 contract, closed at Rs 6,405 per barrel, down by 0.85 per cent, after opening at Rs 6,470, against a previous close of Rs 6,460. It touched an intra-day low of Rs 6,391.
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