Crude Oil - Jan 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices rose on Thursday morning and early afternoon in Asia supported by voluntary cuts by Saudi Arabia and as U.S. crude stockpiles fell.

A lower dollar is also supporting prices.

Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.

Technically, WTI Crude Oil continues its bullish momentum above $51.00 levels where its trading on strong uptrend indicates a bullish momentum up to $51.65-$52.40 levels. Support is at $50.70-$49.70 levels.

Domestic oil prices are trading with small gains on Thursday morning and early afternoon in Asia, tracking overseas prices.

Technically, MCX Crude Oil January is continuing trading on a bullish note above 3700 levels further could see 3790-3850 levels. Support is at 3710-3690 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

Keywords