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Crude Oil - April 5, 2021 - Reliance Securities

Posted On: 2021-04-05 02:03:58 (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.

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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