CRUDE OIL: - CONSOLIDATE STRATEGY BUY ON DIPS R2-6100 R1-6020 S1-5920 S2-5850
Crude oil futures fell in the domestic market on Monday as a sharp appreciation in the Indian rupee against the US dollar more than offset the gains seen in the overseas market. Stronger rupee exerts downward pressure on domestic crude oil prices. Crude oil futures rose in the overseas market on Monday amid concerns that rising violence in Libya, the holder of Africa’s biggest oil reserves, may disrupt global crude supplies. Further, rising tensions in Ukraine where the government continues to fight separatists also supported crude oil prices.
At the MCX, Crude Oil futures, for the May 2014 contract, is trading at Rs 5,973 per barrel, down by 0.18 per cent, after opening at Rs 5,982, against a previous close of Rs 5,984. It touched an intra-day low of Rs 5,963.
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