Crude Oil - Feb 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices extended losses this Friday morning and early afternoon trade in Asia as OPEC+ supplies were expected to rise.

Meanwhile, speculation continued in the markets that refineries will take time to resume operations after the big freeze in the U.S. South due to lack of demand from refiners from Texas could likely lead to builds in crude stocks.

Some additional profit taking after the recent run up was also witnessed this Friday's trade.

Technically, WTI Crude Oil has bounced back from $58.50 level and is sustaining above $59.50 level indicating a sideways momentum in the range of $58.20-$60.60 levels.

Domestic oil prices extended losses this Friday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil March could see some sideways to marginal downside momentum below 4350 levels where support is at 4300-4260 levels. Resistance is at 4370-4420 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords