Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading marginally in the red on Tuesday early afternoon trade in Asia weighed down by a recovery in the U.S. Dollar.
In addition, the ongoing COVID-19 outbreaks in several countries could weigh on sentiments as fuel demand recovery could remain uneven.
Also dampening investor sentiment is China's crackdown on its private refiners. Reuters reported that the second batch of 2021 crude import quotas allocated to them was about 35% less than 2020, which could impact flows in the sector.
Meanwhile, investors will await OPEC+ meeting in the following week.
Investors also await U.S. crude oil supply from the American Petroleum Institute, due later in the day.
Technically, WTI Crude Oil will continue its bullish momentum above $73.00 levels where $73.19-$73.40 will hold a resistance. Support is at $72.60-$71.80 levels.
Domestic oil gave up morning gains and is trading marginally in the red on Tuesday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil July will hold a support near 5415-5380 levels. Resistance is at 5480-5520 levels.
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