Crude oil futures slipped 0.38 percent to Rs 4,186 per barrel on January 13 as traders trimmed their position tracking overseas cues. Oil prices edged down as the fear of a conflict between the United States and Iran eased although the decline was checked by the planned signing of an initial US-China trade deal this week, which could boost demand.
In the futures market, crude rates touched an intraday high of Rs 4,203 and an intraday low of Rs 4,174 on the Multi Commodity Exchange (MCX). For the January series, the crude touched a low of Rs 3,825 and a high of Rs 4,670.
On the MCX, crude oil delivery for February contracts slipped Rs 10, or 0.24 percent, to Rs 4,200 per barrel with a business turnover of 3,858 lots.
Crude oil for delivery in January contracts was down by Rs 11, or 0.26 to Rs 4,191 per barrel with a business volume of 26,643 lots.
The value of the January contract traded so far is Rs 2,581.92 crore, and the February contract saw value of Rs 97.74 crore.
Crude oil prices edged lower in the last trading session, and it closed below 9- and 20-day EMA which is a negative sign. The price is trading near the strong support zone of Rs 4,200 levels. A breakdown below the mentioned levels may drag prices lower towards Rs 4,170-4,150 levels, according to Axis Securities.
The brokerage advised its clients to sell the January crude at Rs 4,200 with stop-loss at Rs 4,230 and target of Rs 4,170-4,150.
Meanwhile, West Texas Intermediate crude was marginally up 0.34 percent to $59.25 per barrel while Brent crude, the international benchmark, gained 0.38 percent to $65.23 per barrel.
News Source: moneycontrol