Last Updated : January 04, 2012 15:20
Crude oil futures rallied more than 3% traded above $102 on positive economic outlook supported by manufacturing data from US and IM cheering the year 2012 in the first trading session of the year.
The tensions over Iranian sanctions also supported oil prices to trade up after US President Barack Obama signed the law for imposing sanctions on Iran however Iran denied any intentions to disrupt supplies from the Strait of Hormuz and the nation is now open for talks with the western countries.
Natural gas futures traded little down near $3 on normal temperatures and weak spot demand pressured by ample supplies in the market.
We expect oil prices to trade up on positive global cues supported by stronger Euro and geopolitical tension in Iran. NYMEX Crude Oil has resistance at $103.40 the breach may boost oil prices to $114 levels in the near term with crucial support at $96.
Crude Oil S1: 5390 S2: 5350, R1: 5480, R2: 5510
Natural Gas S1: 157, S2: 155, R1: 162, R2: 165
Courtesy: Edelweiss Comtrade Limited Research
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MCX SILVER MINI 999 29 February 2012 contract was trading at Rs 53755 , up Rs. 265 . What's your view on it?
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