Crude Oil - Jan 22, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading down this Friday morning and early afternoon trade in Asia weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer.

The Chinese government is urging people not to travel during the upcoming Lunar New Year holiday in February.

The market is awaiting official oil inventory data from the U.S. Energy Information Administration tonight, after industry data on Wednesday showed a surprise 2.6-million-barrel increase in U.S. crude inventories last week.

Technically, WTI Crude Oil is trading on a negative note below $52.50 levels indicating a further downside fall up to $51.80-$51.28 levels. Resistance is at $52.80-$53.30 levels.

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

Technically, MCX Crude Oil February is trading below 3900 levels indicating a sideways to marginal downside momentum up to 3810-3730 levels. Resistance is at 3870-3920 levels.

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Source : Equity Bulls

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