Crude Oil - Feb 22, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading higher this Monday morning and early afternoon trade in Asia as the slow return of U.S. crude output cut raised concerns about supply.

We could likely witness builds in crude stocks over coming weeks as there will be no demand from refineries and could lend support to oil.

Technically, WTI Crude Oil is trading on flat note but is sustaining above $59.50 level indicating a sideways momentum in the range of $58.20-$60.60 levels.

Domestic oil prices are also trading higher this Monday morning and early afternoon trade, tracking overseas prices.

MCX Crude Oil March could see some sideways to marginal upside momentum above 4330 levels where support is at 4300-4260 levels. Resistance is at 4370-4420 levels.

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Source : Equity Bulls

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