Crude Oil - Feb 1, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with modest gains this Tuesday morning and early afternoon trade in Asia supported by hopes that fuel demand will recover over the coming months.

Meanwhile, OPEC+'s Joint Technical Committee is due to present its assessment to the Joint Ministerial Monitoring Committee (JMMC) that will meet on Wednesday.

The focus will be on how much supply could be added to the market after OPEC decided to keep output unchanged in February and March during its January meeting.

Investors also await U.S. crude oil supply data from the American Petroleum Institute, which is due later in the day.

Technically, WTI Crude Oil has once again activated its Bullish rally with increase in volume activity where it gave a breakout of its previous peak at $53.83 levels indicating a positive momentum to continue upto $54.60-$55.26 levels. Support is at $53.85-$52.90 levels.

Domestic oil prices are trading firm on Tuesday morning and early afternoon trade, tracking firm overseas prices.

Technically, MCX Crude Oil February has bounced back from 21-DMA at 3840 levels and could now witness further upside rally towards 3978-4030 levels. Support is at 3920-3880 levels.

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Source : Equity Bulls

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