Crude oil is looking positive for this week. This past week in it had loosed almost 58 rupees but crude oil is still safe for buyers because it’s not broken the support level (2897). If crude oil will break and close below it then we definitely see 2812-2700 below levels in upcoming days.
Crude oil short term trend is looking up so I prefer to buy it anywhere for 3060 – 3132 – 3210.
5 events are ahead of the coming week (listed below) and that can affect the energy sector commodities.
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.
The U.S. is to release the weekly report on initial jobless claims.
The Organization of Petroleum Exporting Counties will publish its monthly assessment of oil markets.
The U.S. is to round up the week with data on retail sales, producer price inflation and consumer sentiment, while Baker Hughes will release weekly data on the U.S. oil rig count.
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