CRUDE OIL NEWS UPDATE BY MARKET MAGNIFY

BUY CRUDE OIL JUNE ABOVE 3150 TG1-3163 TG2-3185 TG3-3210 SL 3109.

Crudeoil on MCX settled down -4.54% at 3178 dropped tracking weakness from Nymex Crude oil plunged more nearly 5 % settled at $48.90/bbl, down by 4.80% despite news that OPEC has agreed to extend its supply quota plan.

Technically market is under fresh selling and getting support at 3107 and below same could see a test of 3037 level, And resistance is now likely to be seen at 3306, a move above could see prices testing 3435.

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A report released by the Labor Department on Thursday showed a slight uptick in first-time claims for US unemployment benefits in the week ended May 20th. The report said initial jobless claims inched up to 234,000, an increase of 1,000 from the previous week’s revised level of 233,000.
                              Trading Ideas
  1. Crudeoil trading range for the day is 3037-3435.
  2. Crude oil dropped as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts.
  3. OPEC and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.