(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with modest losses on Friday morning and afternoon trade in Asia amid demand concerns as covid-19 cases continue to rise in Europe and the U.S.
The U.S.-China relations worsened after the Trump administration-imposed sanctions on officials and companies for alleged misdeeds in the South China Sea and imposed an investment ban on nine more firms and weighed on sentiments.
However, hopes of a potential U.S. stimulus package may boost spending and lift fuel demand kept downside limited.
Technically, WTI Crude Oil is sustaining above $53.00 levels where $53.93-$54.30 holds a resistance and $52.60-$51.80 will act as support.
Domestic oil prices are trading down on Friday morning and early afternoon trade, tracking weak overseas prices.
Technically, MCX Crude Oil January is holding a support near 3850-3833 levels above which will continue its bullish momentum up to 3955-3980 levels.
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