Oil fell as three days strike by Kuwait workers ended and
expecting country’s production will swiftly return to normal. 1.3 million
barrels was the supply halted due the strike workers strike at Kuwait which
pushed prices upside after major oil producer fails to sign agreement on
production freeze.
Crude
inventories rose by 3.1 million barrels in the week to April 15
to 539.5 million, against analysts' expectations for an increase of 1.6 million
barrels.
Crude stocks at
the Cushing delivery hub fell by 235,000 barrels, API said.
On MCX division Crude oil has support at 2740 and resistance at 2820.
Break and sustain below 2740 will take to 2680---2650 mark
and
then to 2580 mark again else it could test its resistance level of 2820 again.
Further upside rally will see only close above 2820 mark.
Traders can trade with levels only and wait for
confirmation.
EIA Crude oil Inventory will be released at 8.00 PM .
Expected 2.2M, Previous 6.6M
Crude oil inventory date last week shows 6.6 million against
expected 0.9 million which increases oversupply concern which in turn put
pressure on oil prices.
More will update soon!!
