Rudra Investment: Lightening Of Crude, Demand May Decrease

Rudra Investment Expert Says That The crude oil in the international market got a boost. Brent crude prices rose 0.24 percent to $ 70.81 a barrel on Wednesday. Earlier on Monday, Brent had reached a high of $ 71.34 a barrel.

At the same time, US West Texas Intermediate (WTI) crude was trading at around $ 64.26 a barrel, with half a percent increase. On Monday, the price of WTI crude reached a high of $ 64.77 a barrel. This year, Brent has seen a 30 percent jump, while WTI has grown 40 percent. Talking about the domestic market, on Tuesday, around 12.30 pm, the April futures of crude oil on MCX was trading at Rs 4455 with a modest increase of Rs 4.

The commodity market analyst Rudra Investment say that the continuing cut in the supply of member countries of the OPEC, the Organization of Petroleum Exporting Countries, has not seen a significant drop in crude oil prices. Last year, OPEC had announced 12 million barrels per day (BPD) cut in supply, which is still going on. Along with U.S. sanctions on Iran and Venezuela, the supply of crude oil has decreased. Apart from this, supply in Libya can get support from the house ahead of the supply disrupted. There is a fight in the rebel army and the army of the country in Libya.

However, there is an estimated reduction in the demand for crude oil in the global economy by the indication of sluggishness. In fact, the International Monetary Fund released its Tuesday on Tuesday to cut the forecast of global economic growth. It is believed that the demand for crude oil will come down in the coming days. This news has taken a huge boost in the prices of crude oil.

Rudra Investment: Increased purchases from the lower level, Mentha Oil

On Wednesday Report by Rudra Investment, there was a slight increase in the price of Mentha Oil in the spot market. On the commodity exchange MCX, on Monday, around 10.30 am, Mentha Oil's April contract moved up by Rs 7.70 or 0.49 percent to Rs 1585.60 per kilogram.

According to Rudra Investment Financial Services, after the fall of yesterday, the rise in purchases at the lower level has led to a rise in the prices of mentha oil. However, he says that the price of Mentha Oil still remains below the critical level of Rs. 1600. In view of this, mentha oil is advised to sell in April contract. He says that selling of Mentha Oil around the price of Rs. 1595-1600 should be sold. Keeping a stop loss at the price of Rs 1605, by the end of this week, a target of 1550 rupees per kilogram should be made.

According to Commodity Market Expert Rudra Investment Mentha's spot demand is quite low. Apart from this, the new crop of Mentha Oil is expected to start in the markets next month. Due to the sale of spot stockists, there is a sign of further pressure in Mentha Oil prices. they view that investors should sell Mentha Oil in the April contract at the current level. Keeping a stop loss at the price of 1610 rupees, the target of Mentha Oil's April contract on MCX should be targeted at Rs 1560 per kg in two seasons.