WTI Crude Oil on NYMEX to reach $98 bl

By Ankush Kumar Jain
Crude oil futures on New York Mercantile Exchange (NYMEX) are expected to reach $98 per barrel near future with strong support seen at $ 92.

Crude oil futures have broken the key-resistance level of $94 on Thursday session and finally settled at $94.07. This movement has confirmed the up-tick nature in crude oil prices in store for the coming sessions.

Meanwhile, crude oil futures on India's Multi Commodity Exchange (MCX) have broken important resistance level of Rs. 5170 but was found unable to sustain above that level and closed below the same on Thursday.

On MCX, technically, crude oil futures still look positive until they are not traded below Rs.5040. If prices sustain and close above Rs.5170 then it may touch Rs.5300 levels in coming sessions.

For intra-day, crude oil January futures have a good support at Rs. 5090 and resistance at Rs. 5170.

I advise the intra-day traders to take a long position in crude oil January futures around Rs. 5120 with stop loss of Rs. 5090 and wait for the target near Rs. 5160 for the day.

In yet another development, Saudi Arabia, the world's largest crude oil producer has cut its output for December and this has directly supported crude futures to move up.

Japanese $110bn stimulus package and improved economic outlook for Euro zone helped the futures to climb. Japan expects its GDP to climb by 2 percentage points as a result of the stimulus package.

Positive statements by the European Central Bank President Mario Draghi on Eurozone economies and positive China export data which saw a 14 percent surge in December has lent support to the futures.

NYMEX WTI crude oil for delivery on February 13 was seen trading at $93.22 a barrel, a loss of $0.65 or 0.67 percent as of 05.44 PM IST on Friday. Brent crude oil on ICE Futures, Europe, for delivery on the same date was spotted trading at $110.55 a barrel, a loss of $1.38 or 1.23% as of 05.47 PM IST.

MCX Crude oil for delivery on February 13 was down by 0.48% at Rs.5151 per barrel as of 17.43 PM IST.?(Ankush Kumar Jain is Research Analyst, Commodity Online)

Reach Commodity Online at its phone number: 079 40275050

Source: http://www.commodityonline.com/news/wti-crude-oil-on-nymex-to-reach-$98-bl-52190-3-52191.html

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