Mumbai, 30 April (CommoditiesControl): Oil prices dipped as ceasefire negotiations between Israel and Hamas eased concerns over Middle East tensions, while market focus turned to the upcoming U.S. Federal Reserve meeting. Brent crude futures edged down by 0.28% to $87.00 a barrel, while U.S. WTI crude futures slipped 0.41% to $82.31 a barrel.
Investor sentiment remained cautious as talks of a potential ceasefire offset worries about Yemen's Houthis targeting maritime traffic. Meanwhile, anticipation of the Fed's policy review and concerns over stagnant demand added to market uncertainty.
In India, MCX crude oil trading flat at 6892, with Open Interest analysis indicating mixed sentiment with long buildup in May futures but short buildup in June contracts. The resistance levels are 6974-7048 and if downtrend weighs the next target is 6856-6812, while low volume underscores investor caution amidst geopolitical and economic uncertainties.
(By Commoditiescontrol Bureau; +91-9820130172)
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