MTECHTIPS:-MCX Crude Oil short term sideways;Support at 3700
Short term and intra day trend for MCX Crude Oil July contract is likely to be sideways. EIA inventory data will give further direction to the prices.Support for short term is at 3700 and resistance at 3980, PratikPatel, research analyst at Commodity Online, said. Intraday support is seen at 3850 with resistance of 3950 MCX Crude Oil July contract has been trading up by 0.03 per cent to 3911 levels at 11.57am on Wednesday Crude futures rallied around 2 percent on Tuesday, latching onto a rebound in oil products ahead of U.S. inventory data expected to show more crude draws and gasoline demand. Also supporting prices were signs of trouble with an impending Iranian nuclear deal that could delay Tehran’s hopes of lifting Western sanctions on its oil exports. Industry group American Petroleum Institute (API) said after the market’s close that U.S. crude stockpiles were estimated to have fallen by 3.2 million barrels last week for an eighth consecutive week of declines. Since the start of the peak U.S. driving season at the end of May, oil products have been remarkably strong on expectations of higher fuel demand.