(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices rebounded this Wednesday morning and early afternoon trade in Asia after refined product inventories showed a big drop in the latest week.
Meanwhile, rising U.S. oil stockpiles and uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting capped upside in prices.
OPEC meeting will start today and conclude tomorrow with an official statement from the producers.
Markets will also look to cues from the official inventory data tonight from EIA.
Technically, WTI crude could trade in range between $58.60-60.70.
Domestic crude prices are trading weak this Wednesday morning and early afternoon trade probably tracking the strength of the local currency.
Technically, MCX crude March contract could trade in range from Rs. 4330-4415. A break above Rs.4415 could push prices to Rs. 4460, while a break below Rs.4330 could pull prices to Rs.4230 levels.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment / trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.