MCX Crude Oil futures open in red amid OPECs decision to maintain supply restraints; analyst recommends buy for this target
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, recommends a buy on Oil Futures at Rs 5750 per barrel with a stop loss at Rs 5650 and target price at Rs 5900
MCX October Oil Futures opened with a negative bias on Tuesday, correcting by Rs 15 or 0.26 per cent and were trading at Rs 5810 per bbl at 9:05 am. It had ended in the green on Monday up almost 3.8 per cent or Rs 213 from the previous closing price on Friday. The Oil Futures settled at Rs 5829 per bbl. The OI was 11667 barrels at the close with the total value that traded standing at Rs 4855.28 cr.
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, recommends a buy on Oil Futures at Rs 5750 per barrel with a stop loss at Rs 5650 and target price at Rs 5900.
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Also Read: As gas prices see a sharp spike, watch out for these Oil & Gas stocks – experts give sector outlookGupta expects the prices to move north in the immediate term leading to spike in the domestic prices of petrol and diesel. On Tuesday, the prices of petrol and diesel were hiked after remaining stable on Monday.
The petrol costs Rs 102.64 per litre in Delhi while Diesel costs Rs 91.07.
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