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Commodities
Crude Oil - Dec 23, 2020 - Reliance Securities
Posted On : 2020-12-23 17:22:36( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading weak this Wednesday morning and early afternoon trade in Asia weighed down by a build in U.S. crude oil supplies and the travel curbs to curb the new strain of the COVID-19 virus and denting fuel demand.
Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.
Technically, WTI Crude Oil is trading on a Bearish note near 21-Daily Moving Average at $46.40 levels below which indicating further downside fall up to $46.00-$44.50 levels. Resistance is at $46.67-$47.80 levels.
Domestic crude prices are trading with losses this Wednesday morning and early afternoon trade, tracking weak overseas prices.
Technically, MCX Crude Oil January below 21-DMA which is placed at 3420 levels could see a downside momentum up to 3400-3330 levels. Resistance is at 3510-3530 levels.
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