Crude oil futures gain 2.23% in afternoon trade
MCX crude oil has strong resistance at Rs 1,735-1,760 level, whereas support is seen at Rs 1,625-1,580 levels, Motilal Oswal said in a recent report
Crude oil futures jumped to Rs 1,652 per barrel on March 31 as participants increased their long positions. Oil prices rose after US President Donald Trump and Russian President Vladimir Putin agreed to have their top energy officials discuss slumping global oil markets.
The black gold price had been hovering near 18-years lows after the Saudi Arabia and Russia failed to reach an agreement on production cuts and the novel coronavirus pandemic darkened global demand outlook.
In the futures market, crude oil for April delivery touched an intraday high of Rs 1,680 and an intraday low of Rs 1,638 per barrel on the MCX. So far in the current series, the black gold has touched a low of Rs 1,594 and a high of Rs 4,186.
Crude oil delivery for April gained Rs 36, or 2.23 percent, to Rs 1,652 per barrel at 14:45 hours IST. The same for May delivery rose Rs 47, or 2.46 percent to Rs 1,954 per barrel.
The value of April and May contracts traded so far is Rs 1,722.27 crore and Rs 18.15 crore, respectively. MCX crude oil has strong resistance at Rs 1,735-1,760 level, whereas support is seen at Rs 1,625-1,580 levels, Motilal Oswal said in a recent report.
West Texas Intermediate crude jumped 5.77 percent to $21.25 per barrel, while Brent crude, the international benchmark was up 2.80 percent to $27.16 per barrel.