Crude oil price has risen over Rs.5,800 per barrel on the MCX. This is the highest price rise since October 2014. The price rise has happened due to rising demands, tight supplies as well as firm equity markets.
“Crude oil prices extended gains rallying to three years high on fear of lower supply post OPEC plus decision. The OPEC+ said on Monday it would maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to boost output as the world economy recovers. Crude oil prices are expected to trade sideways to up with resistance at $80 and support at $76 per barrel. MCX Crude oil October has support at Rs 5720, resistance at Rs. 5860,” said Tapan Patel- Senior Analyst (Commodities), HDFC Securities.
Crude oil has been trading more than 5, 20, 50, 100, and 200-day simple moving averages and exponential moving average on the regular chart.
