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MTECHTIPS-Technical Comment For The Day: Crude Oil

MTECHTIPS-Technical Comment For The Day: Crude Oil

After the three straight losses, prices of Crude Oil moved up slightly. Crude oil was just close to Rs 2600 on the trading session ending 26 August 2015. On MCX September contract ended at Rs 2607 per barrel on 26 August 2015 against Rs 2601 per barrel on 25 August 2015. Open interest gained during session ending Wednesday. Prices are now moving in range of Rs 2500 and 2800 per barrel in medium term. On Wednesday, Crude Oil tested a high of Rs 2662 and a low of Rs 2582 per barrel. Open interest of Crude Oil was at 39369 on 24 Aug against 34233 a day before.

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