Crude Oil Sep on MCX continued losing gains due to high selling pressure in the market combined with profit taking. The trend turned further bearish due to dive in gasoline prices.

 

Crude oil futures opened up Friday in New York, but pared gains in a sign that hurricane-related supply worries continued to take a back seat to selling pressures. While many traders remained wary of losses, most expected the market to rebound strongly once prices had churned their way to a near-term bottom.

Sep Crude Oil opened at 2815 rising to a day high of 2863 before closing at 2804.

Traders are unsure of whether market's corrective mode has petered out. Bottom line: Market participants should be wary of further declines, but expect market to rebound after churning its way to a short-term bottom.