MUMBAI (Commodity Online): Crude oil prices at India?s Multi Commodities Exchange (MCX) were down by 0.83%. Crude oil for August delivery was seen trading around Rs 6,350-6,438 per bbl levels.
China reported much better than expected trade results for July on Thursday, marking a sharp recovery from the previous month. Reported Chinese trade data showed exports rising 5.1%, swinging from June's 3.1% fall. Imports, which had dropped 0.7% in June, showed a 10.9% leap for July.
On Thursday trade, August crude oil contract rose to a high of 6438 Rs/bbl as of 03.10 pm IST and is expected to trade negative in later session. For intra-day, support is now seen at 6300, 6250 levels and resistance at 6490 & 6540, analyst said.
On COMEX, crude oil was at $104.12 per bbl in electronic trading at 04.58 p.m. Singapore time.
In the evening session, Continuing Jobless Claims and European Central Bank's (ECB) monthly report are scheduled to be released today may put pressure on base metal complex. We expect MCX crude oil to trade with bearish bias.
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