Crude Oil - Jan 15, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with modest losses on Friday morning and afternoon trade in Asia amid demand concerns as covid-19 cases continue to rise in Europe and the U.S.

The U.S.-China relations worsened after the Trump administration-imposed sanctions on officials and companies for alleged misdeeds in the South China Sea and imposed an investment ban on nine more firms and weighed on sentiments.

However, hopes of a potential U.S. stimulus package may boost spending and lift fuel demand kept downside limited.

Technically, WTI Crude Oil is sustaining above $53.00 levels where $53.93-$54.30 holds a resistance and $52.60-$51.80 will act as support.

Domestic oil prices are trading down on Friday morning and early afternoon trade, tracking weak overseas prices.

Technically, MCX Crude Oil January is holding a support near 3850-3833 levels above which will continue its bullish momentum up to 3955-3980 levels.

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Source : Equity Bulls

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