American Petroleum Institute reported gigantic drop in the U.S. Crude oil inventories by 11.1 million barrels in the week ending August 23 against previous week drop of 3.5mb and market expectations for 2mb drop.
EIA Weekly Petroleum Status Report will be released today that will further drive the prices of oil. Prices gained overnight despite US softened its stance on Iran.
The Trade War Chatter, Global Growth Concern and Demand Worries have largely been influencing the prices these days. Any noise regarding Trade War will have significant impact on the price.
Looking forward, upside supply zone lies at $57-$58 and downside demand area is around $53.5-$53 in WTI NYMEX September future.
In Mcx, September future is likely to find support near Rs3860-Rs3810 and likely to face resistance near Rs4010/Rs4090.
Story by Tarun Satsangi for TarunSatsangi.com