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      Crude rides on sound charting cues

      MoM Team / Mumbai, Apr 12, 2017 01:49 PM IST

        Crude rides on sound charting cues

        WTI Crude oil futures extended their recent upside today as a sound technical picture on daily charts boosted sentiments. The US WTI crude oil futures broke above $ 53 per barrel mark and currently trade at $ 53.63 per barrel, up 0.4 percent on the day.

        The counter has been in an excellent nick after breaking above $ 50 per barrel mark as a jump above the 100 day Exponential Moving Average (EMA), currently placed around $ 51.40 levels triggered even more follow up buying. MCX Crude Oil futures are trading at Rs 3,469 per barrel, up 0.6 percent on the day.

        Meanwhile, large speculators and traders increased their net positions in the WTI crude oil futures markets last week following five straight weeks of declines, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC).

        The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 408,382 contracts in the data reported through April 4th.

        This was a weekly gain of 10,302 contracts from the previous week which had a total of 398,080 net contracts. The latest data was the first time speculators have increased their weekly net positions in around six weeks.

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      Source: Capital Market

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