WTI CRUDE DIPS MORE THAN A PERCENT IN ASIA

Published on Jun 19, 2023 12:57

WTI Crude oil futures tumbled more than a percent in the electronic trades today reflecting deep losses in Asian markets. This week will have shortened trading days as US markets will be closed on Monday for the Juneteenth holiday. Additionally, Mainland China and Taiwan will observe a market holiday from June 22 to 24 for the Dragon Boat Festival.

Asia-Pacific markets saw a mostly negative day on Monday. Japan`s Nikkei 225 slipped 0.98%, Hong Kong`s Hang Seng index fell 1.22%. In mainland China, the Shanghai Composite was down 0.52%. The market is awaiting the central bank`s loan prime rate decision scheduled for Tuesday.

International crude oil futures for main contract was seen trading down 1.03% at $ 71.19 per barrel after experiencing gains of more than 2% to end the last week at $71.78. The counter should continue to find strong support near $67 levels in the near term.

MCX crude oil July futures are trading down Rs 26 at Rs 5851 per barrel. The counter should continue to find good support near Rs 5600 levels in the near term with resistance could be expected near Rs 5990 levels.

On the data front from US this week, latest updates on the housing market, including building permits and housing starts for May, and the NAHB`s Housing Market Index for June will be released. On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will testify before Congress, as part of his semiannual testimony on monetary policy.