Crude oil futures slips close to 3% in afternoon trade

Crude oil futures slipped to Rs 3,466 per barrel on March 5 as participants increased their short positions. Oil prices erased its morning gain as Saudi Arabia failed to bring Russia on board for a deeper cut to offset the slump in demand caused by the coronavirus outbreak.

Data released by US Energy Information Administration on March 4 showed crude stock grew by 785,000 barrels, less than the 2.64 Mbpd increase anticipated by analysts.

In the futures market, crude oil for March delivery touched an intraday high of Rs 3,518 and a low of Rs 3,450 per barrel on the MCX. So far in the current series, black gold has touched a low of Rs 3,206 and a high of Rs 4,604.

Crude oil delivery for March eased Rs 90, or 2.57 percent, to Rs 3,417 per barrel at 16:00 hours IST. The same for April was down Rs 90, or 2.54 percent to Rs 3,448 per barrel.

The value of March and April contracts traded so far is Rs 5,670.40 crore and Rs 132.42 crore, respectively.

MCX crude oil is expected to trade negatively with resistance at Rs 3,580 per barrel and intermediate resistance at Rs 3,540, Motilal Oswal said in a recent note. The brokerage firm advised its client to sell targeting lower resistance at Rs 3,455-3,420 levels.

West Texas Intermediate crude fell 0.88 percent to $46.36 per barrel, while Brent crude, the international benchmark, was down 0.86 percent to $50.69

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