August 19, 2017

MTECHTIPS;-Crude Oil may get a boost on rise in China demand

 

Crude Oil prices have climbed up slightly on Wednesday trading and the releasee of Platts data which shows China’s appaorent oil demand has risen 9.1% in November to 42.96 mn metric tons or an average 10.5 mn barrels per day, the highest on record, may provide further support to the energy complex.On Wednesday trading, Brent Crude has risen 0.82% to $109.69 per barrel while WTI February crude oil futures has risen to $89.19 per barrel.On daily charts, Brent Crude Oil has support at 106.44 and 105.44 while resistance is seen at $111.35 and $112.47 in the near term. WTI Feb Crude is witnessing a slight recovery and support is seen at $86.5 &$86 while resistance is seen at $92 levels.

 

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