MCX Crude Oil looks bearish support at 5120

MUMBAI(Commodity Online): On the MCX, crude oil for February delivery is likely to trade sideways to bearish for day. The commodity has important support at 5120 and resistance at 5185 for today's trading session.

?Traders are recommended to sell crude oil near 5160 with stop loss of 5185 for the target of 5130,? said Amrita Mashar, Research Analyst at Commodity Online.

On India's MCX, crude oil for delivery on February 19 was seen trading at Rs.5147 a barrel, a loss of 0.10% as of 03.45 PM IST, Monday.

MCX Crude Oil February futures opened negative with a loss of 0.17% following selling pressure and weak global sentiments.

Import of crude oil by Asian nations rose by 6.3% in January from December and 7.4% from the same month a year earlier. Total imports is at 25.15 million metric tons, equivalent to 5.95 million barrels a day.

The world's second largest oil consumer China has been the engine of strengthening demand.

Meanwhile, ?the relatively positive outlook for international demand is continuing,? said Ric Spooner this morning, a chief market analyst at CMC Markets in Sydney to Bloomberg as he referred to crude oil demand.

?The U.S. inventory data, retail sales and industrial production figures toward the end of the week will give an insight into the short-term activity in the U.S.? he added.

On the NYMEX, crude oil for delivery on March 13 was spotted trading at $95.64 a barrel, a fall of of 0.07% as of 03.49 PM IST. On the ICE Futures Europe, Brent crude oil for delivery on the same date was seen trading at $117.37 a fall of 0.41%.

Source: http://www.commodityonline.com/news/mcx-crude-oil-looks-bearish-support-at-5120-52745-3-52746.html

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