MCX crude futures inched down by 0.77 percent last week - Geojit Financial
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NYMEX crude paused near six and a half year high after a six straight weekly gain led by breakdown of OPEC+ output talks and doubts of post pandemic recovery in demand.
Global Economy
* Global equities showed a muted performance last week, on scepticism on fast economic recovery from pandemic owing to reports of new Covid-19 strains in some countries . US Dow Jones Index fluctuated in last week and settled not far from its all time high made on month of May. European peers managed to pared most of its early losses and closed on flat note in previous week . Whereas most of Asian equities ended with moderate gains in the same time, while Japan benchmark equity indices shed near to 3.00 percent.
* European central bank sets if inflation target at 2 percent in its new policy review
* U.S. Federal Reserve official kept a patient tone in terms of tightening monetary policy in its minutes of last meeting.
Currencies
* US Dollar edged lower against the currency basket last week after surging to more than 2 1/2 months high.
* Euro currency and Chinese Yuan ended on flat note while Japanese Yen gained more than half a percent against greenback.
* Indian Rupee edged higher marginally against dollar and settled at 74.48 marks.
Energy
* NYMEX crude slipped by 0.80 percent last week and settled at 74.56/ barrel
* MCX crude futures inched down by 0.77 percent last week
* Saudi Arabia increased August crude oil official selling prices for Asia.
* The standoff between Saudi and UAE on extending production cut after April 2022 remain unsettled.
* India’s fuel demand recouped in June after plummeted to a nine month low in May
Technical Outlook
Short term outlook remains firm due to demand recovery amid optimistic global economic outlook and supply squeeze from the OPEC plus producer cartel. Summer driving season demand from US and a swift turnaround in industrial demand from China are the other positive driving factors of the commodity. Accelerated vaccination and lifting of lockdowns in several counties also assist the fossil fuel. Meanwhile, high prices and many Asian counties are still battling against the pandemic may weigh down the sentient later.
NYMEX Aug: Consistent trades above $69 bullish outlook remain intact in the counter. A direct close below the same is a weak signal.
MCX Jul: Bullish sentiment to continue while prices stay above 5200. Further weakness is seen only if it trades below Rs 4650.
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