India, Sept. 16 -- Technically Crude Oil market is under short covering as market has witnessed drop in open interest by 3. 07% to settled at 1923 while prices up 80 rupees.
Now MCX Crude Oil is getting support at 2756 and below same could see a test of 2683 levels and resistance is now likely to be seen at 2873 a move above could see prices testing 2917.
Crude Oil yesterday settled up by 2.91% at 2828 supported by hurricane supply disruptions in the United States but concerns about a stalled global economic recovery and falling fuel demand as Libya signalled it would end its months-long blockade and resume output adding yet more supply to the market.
OPEC and allies such as Russia are unlikely to announce further curbs to oil output thi...