With violence in Iraq escalating and Syrain turmoil exacerbating not to speak of the attacks on pipelines in Turkey crude oil markets are in for a bull run. Iran sanctions curbing oil outflows and declining US inventory data have added fuel to fire, said Renisha Chainani Manager Research Edelweiss Commodity section.
Prospects of stimulus measures from China and stimulus potential exhibited by prevailing situations in US Europe and Japan are also causes for the bull rally. Also adding support to prices are comments from Israel that they will strike Iran. said Victor Shum the managing director of IHS Consulting in Singapore to Bloomberg News. NYMEX September crude dropped 26 cents to touch $94.07 a barrel in electronic trading on the New York Mercantile Exchange at 3:11 p.m. in Singapore.
It had climbed as much as 28 cents or 0.3 percent. Meanwhile crude oil August contract opened positive at 5280 on India s MCX on Thursday. Overall trend looks positive from here. Upside target seems to be 5500 for near term. Buy on dip will be suggested for Crude oil. 5200 major support level for today and resistance at 5330. said Amrita Mashar Manager Research Commodity Online.
Oil for September delivery fell 26 cents to $94.07 a barrel in electronic trading on the New York Mercantile Exchange at 3:11 p.m. in Singapore. It earlier rose as much as 28 cents or 0.3 percent. September Brent dipped 16 cents to $116.09 subsequent to climbing 2 percent yesterday on the London based ICE Futures Europe exchange. Actively traded October contract was at $114.12.
