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MCX Crude Oil may trade down till 6280, US Crude Oil bearish

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MCX Crude Oil may trade down till 6280, US Crude Oil bearish - October 7th, 2013

Tracking a down trend in the global market, India crude oil futures edged down on Monday and was seen trading bearish. Technically, the trend in crude oil futures for October delivery on India’s Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to stay on sell side.

US crude oil futures continued its downward movement on Monday and was seen trading bearish amid partial shutdown of the US government and as crude oil companies restarted their operations in Gulf of Mexico after tropical storm Karen weakened. WTI crude oil for November delivery was seen trading with a loss of $1.15 at $102.69 per barrel as of 14.59 IST on Monday.

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