The demand of crude oil has been seen crash in China the Largest consumer of Crude Oil after United States, and impact of this has been seen in crude price also. Crude oil is now trading at $ 46.35 per barrel on Global Market. Global market crude price also affect the domestic market and crude oil price came down to 3050 level.
Prices of Crude Oil declined in the session ending Monday. On MCX benchmark contract ended at Rs 3033 per barrel on 2 November 2015 against Rs 3033 per barrel on 30 Oct 2015. Open interest lost during session ending Monday. Crude Oil tested a high of Rs 3080 and a low of Rs 3007 per barrel. Open interest of Crude Oil was at 20830 on 2 November against 21935 day before. Supports for Crude oil is at Rs 2900 while resistance for Crude Oil is at Rs 3100. For today’s trading session follow the strategy buy on dips.
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