Crude Oil - Dec 15, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading lower on Tuesday morning and early afternoon trade in Asia as tighter lockdowns in Europe and a forecast for a slower recovery in demand next year.

Prices also ignored optimism surrounding the vaccination rollouts and concerns about a flare-up of tension in the Middle East.

Markets will await the inventory data this week starting from the American Petroleum Institute on Tuesday and the Energy Information Administration on Wednesday.

Data could show that U.S. gasoline inventories rose by 1.6 million barrels last week, while distillate inventories, which include diesel and heating oil, rose by 400,000 barrels.

Technically, WTI Crude Oil is trading on a flat note where it is trading in a narrow range of $45.70-$47.50 levels indicating sideways momentum to continue within this range. Resistance is at $47.30-$48.00. Support is at $45.70-$45.00 levels.

Domestic crude oil prices are trading flat this Tuesday morning and early afternoon trade.

Technically, MCX Crude December has bounced back from 3370 levels. However below 3420 could see some correction up to 3390-3350 levels. Resistance is at 3475-3515 levels.

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Source : Equity Bulls

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