Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices rose on Monday, underpinned by strong demand while a pause in talks to revive the Iran nuclear deal has delayed in resumption of supplies also lent support.
Oil prices are also drawing support from forecasts for limited U.S. output growth.
Technically, WTI Crude Oil will continue its bullish momentum above $71.50 levels where $72.10-$73.00 will hold a resistance. Support is at $71.20-$70.65 levels.
Domestic oil prices are trading with gains on Monday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil July will hold a support near 5280-5220 levels. Resistance is at 5350-5386 levels.
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