Crude Oil - Feb 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International and domestic oil prices are trading higher this Thursday morning and early afternoon trade as cold weather conditions in Texas could disrupt output for days or even weeks.

Fall in the crude inventories also lent support after data from API showed inventories fell by 5.8 million barrels in the week to February 12.

U.S. Energy Information Administration (EIA) oil inventory data will be released later tonight.

Technically, WTI Crude Oil has remained above $61.00 levels indicating that the bullish momentum could continue up to $62.32-$63.54 levels. Support is at $60.20-$59.30 levels.

Technically, MCX Crude Oil March is sustaining above 4400 levels and could further see the bullish momentum continue up to 4488-4540 levels. Support is at 4420-4368 levels.

Strategy for Crude Oil February for the rest of the session will be Buy on dips near 4410-4420 with a stoploss at 4370 and target at 4480.

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Source : Equity Bulls

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