Tips for Jan 31 2018: MCX crude oil futures were down, 28 points. At 4078, after falling to its weakest level in more than a week.
“Increasing concerns over the rising U.S. production continue to mount pressure on the commodity. Said Mihir Kapadia, chief executive of Sun Global Investments. “Over the past couple of years, U.S. producers have gained significant inroads in the global oil market industry,” he said.
Prices on both WTI and Brent are still on track for a fifth month of gains.
But the report from the American Petroleum Institute late on Tuesday showing crude stocks rose by 3.2 million barrels last week cast a further bearish pall over the market. [API/S]
It came after data showed that U.S. energy companies added 12 oil rigs last week, the biggest weekly increase since March.
U.S. Energy Department data on Wednesday is likely to show an increase in increase in inventories for the first time 11 weeks. Analysts polled by Reuters forecast an average 100,000-barrel build in crude stocks. [EIA/S]
The date is due out at 10:30 a.m. EST (1530 GMT) on Wednesday.
Tips for Jan 31 2018
Buy MCX Crude oil 16 Feb 2018 contract for the day of 31 Jan 2018. near 4054 stop loss 4020 target 4094 – 4124.
Buy MCX Gold 05 Feb 2018 contract for the day of 31 Jan 2018. near 30110 stop loss 30060 target 30180 – 30220.
Free MCX Silver Tips for the day of 31 January 2018, Buy 05 March 2018 Contract near 39220 with stop loss 39100 for the target of 39280 – 39380.