Crude Oil - March 1, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil rebounded from Friday's lows and is trading up by almost 2% this Monday morning and early afternoon trade in Asia boosted by global signs of economic recovery.

The U.S. House of Representatives passed President Joe Biden's $1.9 trillion Covid-19 aid package and the bill now heads to the Senate.

Meanwhile, the U.S. FDA approved the third COVID-19 vaccine from Johnson & Johnson and also raised fuel demand recovery hopes.

Investors are now looking to a meeting of the OPEC and its allies to take place during the week, for further clues on whether supply will return to the market.

Technically, WTI Crude Oil is trading above $62.00 and now could witness a bullish momentum up to $62.95-$63.65 levels. Support is at $61.30-$60.77 levels.

Domestic oil prices are trading flat in a choppy trading session this Monday morning and early afternoon trade.

Technically, MCX Crude Oil March resistance is at 4633-4690 levels. Support is at 4570-4510 levels.

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Source : Equity Bulls

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