Energy Commodity Update by CapitalVia

Crude_OilCrude oil traded sideways for the entire week around lower levels on concerns of US government shutdown over debt ceiling issue which could lead to decline in fuel demand. Rise in US Jobless claims and easing tensions among U. S. - Iran also added to weak sentiments.

However, sharp fall in DX limited the sharp fall in crude oil coupled with production shut-down in Gulf-of-Mexico due to storm. Indian crude oil followed the international crude oil trend and traded sideways for the entire week.

For the coming week 6190/6020 will act as major supports levels whereas 6585/ 6700 will act as major resistance in MCX Crude oil October futures. For the next week, trader can go for sell on higher level strategy, if MCX Crude October future sustain below 6345 levels then it could test the levels 6240/6100.