crude intraday

Crude oil rose for a third day as the U.S. dollar dropped, enhancing the appeal of commodities as an inflation hedge, and OPEC's secretary-general said the group won't increase production. OPEC members besides Saudi Arabia have no intention of raising output to bring down near-record prices, Abdullah El- Badri said in Brussels yesterday.

Another support for prices came from new sanctions against Iran approved by European Union nations, imposing additional financial and travel restrictions on a list of Iranian companies and experts including the country's largest bank. The 27-nation bloc stopped short of banning oil and gas exports from Iran, OPEC's second-largest producer, in response to its nuclear program plans.

World Bank President Robert Zoellick said record oil prices would ease if non-OPEC producer nations increase production. You haven't had much expansion of supply, and non-OPEC producers actually have come down a little bit in past years,'' Zoellick told reporters in Cancun, Mexico, at a gathering of North American, Latin American and Caribbean finance ministers.

Nigeria's senior white-collar oil workers' union continued a strike against Chevron Corp.'s local unit for a second day, stopping short of disrupting crude production, a union official said.

Elsewhere in Nigeria, attacks in the past week shut a Chevron pipeline located more than 200 miles southeast of the company's headquarters outside of Lagos as well as the offshore Bonga oil field operated by a Royal Dutch Shell Plc venture. The Movement for the Emancipation of the Niger Delta, or MEND, claimed responsibility for the Bonga attack, the militant group declared a cease-fire effective yesterday.

Natural gas futures slipped Tuesday, driven lower by profit-taking amid mixed weather forecasts and no signs of storm activity in the Atlantic. Weather forecasts for the major gas-consuming regions were mixed. Although some forecasters were predicting above-normal temperatures in the Northeast and Mid-Atlantic next week, the hotter weather may not be enough to spark significant cooling demand. Meanwhile, the National Hurricane Center was predicting no storm activity in The Atlantic over the next 48 hours.

MCX Crude Oil July - Technical Outlook:

The daily stochastic have crossed over up which is a bullish indication. The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Technicals have turned neutral to bullish and market is expected to remain positive above 5929 level. If sustain above this level can see a rally towards 5997 and 6050 If market sustains below 5875 can see a further fall towards 5806 and 5753

Recommendations-MCX Crude Oil July: Buy at 5790 Target 5865 and 5920 Stoploss 5742

MCX Natural gas July - Technical Outlook:

The daily stochastic have crossed over up which is a bullish indication. The stochastic indicators are rising from oversold level, which is bullish and should support higher prices. The market's short-term trend is positive as the close remains above the 9-day EMA. The downside closing price reversal on the daily chart is somewhat negative.

Technicals are neutral to bearish signaling sideways to lower prices in the near term. Initial support for the market is around 557 if broken can see further fall to 552 and 547 If market holds above 565 further rally can be seen towards 572 and 581


Recommendations-MCX Natural Gas July: Buy at 554 Target 560 and 567 Stop loss at 549

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