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Crude Oil

Technical Outlook

Worries over slowing global economic outlook and demand for fuel likely to keep prices under pressure in the immediate run. However, the fundamental picture remains one of tightness due to export restrictions from the world’s second largest exporter, Russia, after its invasion of Ukraine. Hopes of limited additional supply from other key producers to offset the reduced flow from Russia also tighten the global supplies.

NYMEX Aug: If the support of $105 remains hold the downside, there are chances of recovery upticks. Meanwhile, consistent trades below the same would trigger major liquidation.

MCX Jul: Inability to break the support of Rs 8000 short term trend remains positive. A direct drop below Rs 7600 would weaken the sentiments.

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