MUMBAI (Commodity Online): Crude oil futures on India's Multi Commodity Exchange (MCX) is negative and market sentiments may remain bearish for today's session as a result of weak global fundamentals.
?For intra-day, support is there at 5150 while 5220 is the resistance. Traders are advised to sell near 5190 with stop loss of 5220 for target near 5160,? said Amrita Mashar, Research Analyst at Commodity Online.
MCX crude oil for February delivery was down by 0.40 percent at Rs.5190 per barrel as of 05.15 PM IST on Monday.
Earlier, in the international market, crude oil opened in negative territory as selling pressure mounted.
Reports on weak U.S. industrial production followed by negative manufacturing and mining data have kept away the investors from trading.
US industrial output contracted by 0.1 percent in January, which missed the expectations for a 0.2% rise, according to the data released.
Investors are waiting for European Central Bank President Mario Draghi's speech scheduled to be held later today.
Meanwhile, Euro Zone GDP fell by 0.6 percent in the three months to December, when compared to expectations of a 0.4% decline.
Crude oil shipments from top exporter Saudi Arabia fell for the third consecutive month in December to 7.06 mn barrels per day, the lowest level in 15 months.
Crude oil futures for April delivery on New York Mercantile Exchange (NYMEX) was down by 0.30 percent at $ 96.12 per barrel as of 05.14 PM IST on Monday. Meanwhile, brent futures was up by 0.14 percent at $ 117.80 per barrel as of 05.26 PM IST.
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