Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading marginally in the red on Thursday early afternoon trade in Asia as the U.S. EIA confirmed a surprise build in U.S. crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook.
However improved risk appetite and expectations that supplies will remain tight through the end of 2021 kept downside limited.
Technically, WTI Crude Oil has bounced back from $65.00 level where it's trading near $70.00 levels indicating a bullish momentum up to $71.60-$71.97 levels. Support is at $69.70-$69.03 levels.
Domestic oil prices are trading marginally in the red on Thursday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil is has bounced back from 4870 levels where its trading above 5200 levels indicating a bullish momentum to continue up to 5280-5340 levels.
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