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Crude Oil - June 18, 2021 - Reliance Securities

Posted On: 2021-06-19 11:26:44 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading weaker on Friday early afternoon trade in Asia tracking the strength of the U.S. dollar.

On a weekly basis oil prices on track to finish the week little changed.

Investors will be wary of the Covid situation developing in Britain after the country reported its biggest daily rise in new cases of COVID-19 since Feb. 19.

Adding to negative sentiment was the possibility of an agreement between Iran and U.S. on the 2015 nuclear deal which could add supply of close to 2-2.5 million bpd to the market.

Technically, WTI Crude Oil could see sideways to marginal upside momentum up to $70.90-$71.80 levels. Support is at $70.20-$69.30 levels.

Domestic crude oil prices are trading with small cuts on Friday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil June could trade on bullish momentum where 5235-5200 holds a support and resistance is at 5285-5320 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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