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Crude Oil - April 1, 2021 - Reliance Securities

Posted On: 2021-04-01 04:55:20 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude prices were trading with gains this Thursday morning and early afternoon trade in Asia amid hopes that OPEC and its allies would decide to keep output curbs in place as some regions face COVID-19 infections which has prompted lockdowns and restrictions.

Ministers from the OPEC and allies will meet later on Thursday to consider options that include an output roll-over and a gradual output increase.

Meanwhile, U.S. crude production fell in January, official figures showed, helping to support prices. U.S. output fell to 11.08 million bpd last month, down from a revised 11.101 million bpd in December.

Technically, WTI Crude Oil is trading below 21 as well as 50 Daily Moving Average and below $59.85 will further take price downside up to $59.20-$58.40 levels. Resistance is at $60.20-$61.00 levels.

Domestic crude oil prices were trading with gains this Thursday morning and early afternoon trade, tracking firm overseas prices.

Technically, MCX Crude Oil April could see a downside move 4360-4280 levels. Resistance is at 4420-4480 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.


Source: Equity Bulls

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