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Crude Oil - August 4, 2021 - Reliance Securities

Posted On: 2021-08-04 15:45:57 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading marginally in the red on Wednesday early afternoon trade in Asia on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.

However, falling inventories in the U.S. and geopolitical tensions in the Gulf have capped downside.

Investors will look to cues from the official inventory data from EIA due tonight.

Technically, WTI Crude Oil could see a Bearish momentum up to $69.15-$68.50 levels. Resistance is at $70.10-$70.77 levels.

Domestic crude oil prices are trading marginally in the red on Wednesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil August could see a downside pressure up to 5150-5059 levels. Resistance is at 5256-5350 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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