(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading down in morning and early afternoon trade in Asia this Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.
While weak demand forecast from OPEC+ also weighed on prices.
This week, investors are focused on indirect talks in Vienna between Iran and the United States as part of broader negotiations to revive the 2015 nuclear deal between Tehran and global powers.
Technically, WTI Crude Oil is trading below 21 Daily Moving Average where below $62.50 and will further take price downside up to $59.20-$58.40 levels. Resistance is at $62.20-$63.00 levels.
Domestic oil prices could start lower this Monday morning, tracking overseas prices.
MCX Crude Oil April supports remain at 4420-4350 levels. Resistances remain at 4500-4560 levels.
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