(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices dropped this Friday morning and early afternoon trade in Asia weighed down by the rebound of the U.S. dollar.
Prices also were weighed down after expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to return to the market.
Investors will await next week's meeting of OPEC and allies where it is expected that producers could take a call on the output curbs.
Technically, WTI Crude Oil below $63.00 level will continue its sideways to marginal downside momentum up to $62.40-$60.94 levels. Resistance is at $63.10-$63.70 levels.
Domestic oil prices also fell this Friday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil March is trading near an important support at 4580 but a break below could see downside momentum up to 4530-4490 levels. Resistance is at 4625-4670 levels.
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