Monday 20 July 2015

Crude Oil market under long liquidation, open interest drops 8.56%

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Crude oil settled down -1.44% at 3208 on continued fears of a supply glut with Iran set to flood global markets. The agreement between Iran and the West over Tehran's nuclear program resulting in the lifting of sanctions against the Middle East country is expected to add millions of barrels of oil to the global markets. But it is generally felt that it would Iran several months before Iranian crude can impact global markets, even as it has to ramp up production and ship to various markets.
Technically market is under long liquidation as market has witnessed drop in open interest by -8.56% to settled at 13933, now Crude oil is getting support at 3180 and below same could see a test of 3152 level, and resistance is now likely to be seen at 3243, a move above could see prices testing 3278.

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