Crude Oil - Feb 15, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices extended gains this Monday morning and early afternoon trade in Asia as fears of heightened tensions in the Middle East prompted fresh buying.

Meanwhile hopes that a U.S. stimulus and an easing of lockdowns will boost fuel demand also provided support.

U.S. markets are shut today on account of President's Day Holiday.

Technically, WTI crude opened with a gap up trade and could remain within the range of $60.15-61.00 for the rest of the session. A break above $61.00, however could push prices to $62.00.

Domestic oil prices extended gains this Monday morning and early afternoon trade, tracking overseas prices.

Technically, MCX crude also opened with a gap up trade and could remain within the range of Rs.4425-4375 for the rest of the session. A break above Rs.4425, however could push prices to Rs.4500. A trade below Rs.4375 could pull prices to Rs.4320 levels.

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Source : Equity Bulls

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