Commodity Weekly Insights 31 July 2023 By Geojit Financial Services Ltd
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Crude Oil
Outlook
Upbeat economic number from the United States, the world's largest user of crude oil, and the likelihood of continued supply cutbacks from OPEC and its allies lifted the price of crude oil. Meanwhile, rising uncertainties regarding economic growth in the second half of 2023 amid ongoing high inflation, already higher interest rates from key central banks tend to check the prices
Technical View
NYMEX Crude: MACD Bullish Divergence suggest positivity in the counter. Extended gains above 83.60 may strengthen the prices further. Weakness expected below 78.60
MCX Crude: Rise above 6850 region with large market participation may strengthen the momentum. Weakness expected with dips below 6350 region.
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