Crude oil remained below Rs 3090 per barrel in the intraday session though the prices ticked up marginally. There has been a constant degradation in prices of Crude Oil in last few weeks. On MCX August contract ended at Rs 3083 per barrel on 28 July 2015 against Rs 3079 per barrel on 27 July 2015. Decline below Rs 3100 is crucial due to the fact that this unchartered territory with very little to bank on. Recouping above this level would be difficult. It is expected that prices moving below Rs 3050 will bring more losses. On Tuesday, Crude Oil tested a high of Rs 3113 and a low of Rs 3008 per barrel. Open Interest was 18401 on 28 July 2015 against 18018 on 27 July 2015.
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