MUMBAI (Commodity Online): Crude oil prices at India?s Multi Commodities Exchange (MCX) witnessed a positive phenomenon. Crude oil for July delivery is trading around Rs 6244-6275 per bbl.
Investors digested data on U.S. industrial production and consumer price inflation ahead of U.S. weekly supply data to gauge strength of oil demand. U.S. crude inventories plunged 20 million barrels over the previous two weeks, the deepest two-week draw on record, EIA data showed.
On Nymex, crude oil is trading down at $105.20 per bbl.
On Wednesday trade, July crude oil rose to a high of 6275 Rs/bbl at 02.50 pm IST and is expected to trade positive in later session. For intra-day, support is now seen at 6210, 6190 levels and resistance at 6310 & 6332, analyst said.
In the evening session, U.S crude inventory data may put pressure on future prices. We expect MCX crude oil to trade with bullish bias.
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