The MCX Crude Oil December futures have extended

The MCX Crude Oil December futures have extended losses for the fourth day in a row, as concerns about a global supply. Following almost 2 percent drop in the past two trading sessions, the energy futures started the day marginal in red at Rs 2,815 per barrel, but soon drifted lower, on the back of fresh selling.

The commodity plunged below Rs 2,800 to hit a low of Rs 2,798.

Now, MCX Crude Oil December future rates are down almost a percent (Rs 23) at Rs 2,798.

So far, the counter has witnessed huge trades of around 15,340-odd lots, while the open interest has jumped over 13 percent to 3,485-odd lots. In the global market, the NYMEX Crude Oil January 2016 futures are quoted at $ 41.63 - down 0.2 percent.

MCX Crude Oil Nov Contract rebounded

MCX Crude Oil Nov Contract rebounded from the support zone of 2790 level. It had opened at 2930 level & made weekly high of 3076 level. Crude Oil sustained on high & closed 4.82 % up at 3068 level. The strong movement was due to fall in U.S. oil rig count to 578, least since 2010.& weaker Dollar. For next week, we could see some bullish trend followed by downward movement in coming inventory data. 

Near term fundamentals looking for range-bound movement in Crude oil under the influence of WTI Gasoline & Distillate inventory which is expected to see dips because of seasonal maintenance.

Crude oil Nov contract having support near 2950 to 2930 level. Below 2920, next support is near 2850 & 2800 level.

Resistances are near 3070 to 3100 level. Above 3120, next resistance is near 3150 & 3200 levels. 

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