Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 3.21% to settled at 9155 while prices up 3 rupees.
Now MCX Crude Oil is getting support at 3944 and below same could see a test of 3919 level, And resistance is now likely to be seen at 4004, a move above could see prices testing 4039.
Crudeoil on MCX settled up 0.08% at 3970 as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in U.S. supply and worries over the global economy.
Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia aimed at tightening markets. Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output "well below" 10 million bpd, a Saudi official said .
Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices. Offsetting OPEC efforts to prop up prices and the impact of disruptions like Venezuela is a surge in U.S. oil supply.The United States will drive global oil supply growth over the next five years, adding another 4 million bpd to the country's already booming output, the International Energy Agency said.
U.S. crude oil output will rise nearly 2.8 million bpd, growing to 13.7 million bpd in 2024 from an average of just under 11 million bpd in 2018, the IEA said, making the United States by far the biggest oil producer in the world. With U.S. production booming, the country needs to import less and is increasingly turning abroad to sell surplus oil.
--Crudeoil trading range for the day is 3919-4039.
--Crude oil gained as OPEC's de facto leader Saudi Arabia appeared to deepen the group's supply cuts aimed at tightening markets
--Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.
--Offsetting OPEC efforts to prop up prices and the impact of disruptions like Venezuela is a surge in U.S. oil supply.
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