Crude oil futures traded flat at Rs 2,160 per barrel on March 17 as participants increased their long position as seen by open interest positions. Oil prices jumped as the sharp drop encouraged buyers to book deliveries at a lower prices.
In the futures market, crude oil for March delivery touched an intraday high of Rs 2,253 and a low of Rs 2,159 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 2,123 and a high of Rs 4,604.
Crude oil delivery for March dipped Rs 2, or 0.09 percent, to Rs 2,159 per barrel at 15:25 hours IST. The same April was down Rs 3, or 0.13 percent, to Rs 2,221 per barrel.
The value of March and April contracts traded so far is Rs 2,597.72 crore and Rs 171.48 crore, respectively.Kotak Securities said MCX Crude has support at Rs 2,100 and is likely to trade in the range of Rs 2,100-2,330 on March 17. "Bias remains sideways to downside for the day."
MCX Crude is expected to trade negatively with resistance at Rs 2,320 and Rs 2,260 levels, according to Motilal Oswal. The brokerage firm advised clients to sell on rallies, targeting lower support at Rs 2,160-2,080 zone.
West Texas Intermediate crude was marginally up 0.97 percent to $29.28 per barrel. Brent crude, the international benchmark, slipped 0.87 percent to $29.79 per barrel at 15:30 hours.