Rising interest rates: Rising interest rates tend to make commodities less attractive to investors, as they can lead to a slowdown in economic growth. This could lead to a decline in demand for crude oil, which could push prices lower.
Weakening global economic growth: The global economy is showing signs of slowing down, which could lead to a decline in demand for crude oil. This could also push prices lower.
Increased supply: There is currently a surplus of crude oil on the market, which could put downward pressure on prices.
If these factors continue to weigh on crude oil prices, it is possible that we could see prices fall below 6900 in MCX in the near future.
However, it is important to note that there are also some factors that could support crude oil prices in the near future. These include:
Geopolitical tensions: Geopolitical tensions in the Middle East and elsewhere could lead to supply disruptions, which could push prices higher.
Strong demand from China: China is the world’s largest importer of crude oil, and its demand is expected to remain strong in the near future. This could support prices.
Overall, the outlook for crude oil prices is uncertain. There are both factors that could support prices and factors that could weigh on prices. It is important to monitor these factors closely and to adjust your trading strategy accordingly.