Crude oil prices to trade positive

Keep an Eye on CrudeCrude oil taken support at $92, & made a high of $105.2/bbl & presently trading at $ 104/bbl. Crude oil prices maintained the buoyancy, as concerns over Ukraine continue to dominate market attention. Few events to highlights

 

  •  The Geo-political uncertainty continues to have an impact on energy especially in Crude.  Yesterday, German Chancellor Angela Merkel stated that Russians are not doing much to de-escalate the crisis.  There are reports that, in Ukraine, Russian forces are taking control. 
  • We feel that the Crude oil is on the cusp of a new bull cycle.  The first time in last 10 years , the demand in the US  growing at the  faster pace.

Technically, it is strongly poised for further gain. We feel that For the next fortnight, we expect it to trade with a positive bias. The price upside can be to the extent of USD 107-110 / bbl while downside can be restricted to USD $98bbl.

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