29 June 2016

ENERGY LEVELS FOR 29 JUNE 2016

Energy: Oil price gains after stock market recovers from low after shock of Britain's vote to leave the European Union. Prices were also supported by supply fundamentals, as a looming strike by Norwegian oil and gas field workers threatened to cut output from the biggest North Sea producer. In mcx crude oil may open near 3280-3290.

American Petroleum Institute (API) indicated in a preliminary report on Tuesday that crude inventories could have fallen nearly 4 million barrels for the week to June 24, some two-thirds more than the 2.4 million barrels expected by analysts.


















COMMODITY
S2
S1
R1
R2
TREND
RANGE
Crude oil
3200
3230
3330
3400
SIDEWAYS
3200-3400

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