(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were weak this Thursday morning and early afternoon trade in Asia after data showed a surprise build in U.S. crude oil supplies that re-ignited fuel demand worries.
Data industry group the American Petroleum Institute (API) showed that crude inventories rose by 2.6 million barrels in the week to Jan. 15 to about 487.1 million barrels, compared with expectations in a poll for a fall of 1.2 million barrels.
Weekly government data on inventories are being released on Friday.
Prices were also down amid speculation that Joe Biden's administration will enact policies that could tighten crude supply.
Technically, WTI Crude Oil took a resistance near $53.80-$53.95 levels but trading above $53.00 levels indicating a sideways momentum. Support is at $52.75-$52.10 levels. Resistance is at $53.50-$53.90 levels.
Domestic oil prices fell this Thursday morning and early afternoon trade, tracking weakness in the overseas markets.
Technically, MCX Crude Oil February is trading below 3900 levels indicating a sideways to marginal downside momentum up to 3870-3800 levels. Resistance is at 3920-3960 levels.
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