Energy Commodity Update by CapitalVia
Crude Oil prices were trading near three week highs on Friday, as snow storms in the U. S. boosted demand for heating oil and as upbeat U. S. data added to signs that the country's economic growth is accelerating.
Crude oil prices are expected to move higher for the week as strong demand and positive inventory can keep prices on higher side.
For the coming week 5900/5600 will act as major supports levels whereas 6400/6600 will act as major resistance in MCX Crude oil January futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude January future sustain above 6170 levels then it could test the levels 6260/6380.