MCX CRUDE OIL - 1 BBL
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U.S. benchmark oil, West Texas Intermediate trading on the New York Mercantile Exchange CLU6, -1.12% has lost nearly 15% of its value so far in July, as of Thursday.
Back on June 8, WTI had nearly doubled its value closing at a 2016 high of $51.03 a barrel after reaching a low of $26.21 on Feb. 11.
Crude futures settled down more than 2 percent at a three-month low on Wednesday after the U.S. government reported surprise builds in crude and gasoline inventories.
Prices held their losses after the Federal Reserve announced it would leave interest rate policy unchanged, though the central bank signaled its view of the economy had improved.
Crude oil reversed losses on Tuesday after earlier falling on concerns a long-awaited rebalancing of the market would be delayed due to excess supply.
Britain's BP, the first oil major to report second-quarter results, on Tuesday reported lower-than-expected profit and said its refining margins were the weakest for a second quarter in six years.
MCX Crude oil technical analysis forecast and free technical tips updated on 25th July 2016, Monday.
Oil prices were on track to a weekly loss as potentially higher Iraqi crude exports and bearish U.S. inventory data weighed on the market.
NYMEX crude was down 54 cents, or 1.17 percent, at $45.66. It fell as low as $45.26 earlier, the lowest since May 11. The contract was on pace for a weekly loss of nearly 5 percent.
U.S. crude and oil product stocks rose 2.62 million barrels to an all-time high of 2.08 billion barrels as gasoline stocks posted a surprise summer build of 911,000 barrels.
MCX crude oil stuck in narrow range, Crude oil futures contract traded on the Multi Commodity Exchange (MCX) has been on a short-term downtrend since encountering a key resistance at @ 3,400 a barrel in early June.
An emphatic fall below the immediate support at 3,000 will reinforce the bearish momentum and drag the contract down to 2,900 and then to 2,800 in the short-term.
Crude oil prices hit a 10-week low on Tuesday, but one piece of data from Saudi Arabia could provide a glimmer of hope for those longing for an oil price rally.
Saudi Arabia is burning through some of its oil inventories as exports combined with scorching domestic demand exceed its total production. In 2015, Saudi Arabia built up crude storage levels to a record high, as the kingdom stepped up production in the face of a global supply surplus. As other producers have cut back on production, there is more room for Saudi and OPEC to export. At the same time, domestic demand is rising quickly in Saudi Arabia.
Oil prices are fell approx 1% on Monday after rising stockpiles of crude and refined fuel intensified fears another major glut was building up.
U.S. crude futures saw a supply build of 26,460 barrels in the week to July 15, traders who saw the data said.
Crude prices rose on Thursday to recoup some of their big losses from the previous session, but gains are likely to be limited by mounting concerns the global glut in oil is not going away soon after two major agencies issued bearish reports.
MCX Crude oil on Thursday trading fell 38 or more than 1% to 3398. It again failed it break 3400 levels.
Since May MCX crude is moving sideways (in a band of 3130 and 3400).
Traders with a short term view must trade with a caution.