Bias for MCX Crude Oil seems positive, Natural Gas may remain volatile

The key support levels for the MCX Crude Oil and Natural Gas futures for the remainder of the week are Rs 8,545 and Rs 502.30, respectively.

The MCX Crude Oil futures have soared over 5 per cent in the first two trading sessions of this week tracking gains in the global benchmark oil prices, as major oil producers around the world announced that their production capacity reached or were within maximum limit.

Meanwhile, Natural Gas futures also staged a partial comeback with a gain of 13 per cent following a steep 37 per cent fall from its high of Rs 749.60 earlier this month.

Here's how these energy-based commodities could perform on Wednesday and the week ahead:

Crude Oil

Bias: Positive

Last close: Rs 8,833

Support: Rs 8,545

Upside Target: Rs 8,960

Following last