Crude Oil - March 3, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices rebounded this Wednesday morning and early afternoon trade in Asia after refined product inventories showed a big drop in the latest week.

Meanwhile, rising U.S. oil stockpiles and uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting capped upside in prices.

OPEC meeting will start today and conclude tomorrow with an official statement from the producers.

Markets will also look to cues from the official inventory data tonight from EIA.

Technically, WTI crude could trade in range between $58.60-60.70.

Domestic crude prices are trading weak this Wednesday morning and early afternoon trade probably tracking the strength of the local currency.

Technically, MCX crude March contract could trade in range from Rs. 4330-4415. A break above Rs.4415 could push prices to Rs. 4460, while a break below Rs.4330 could pull prices to Rs.4230 levels.

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Source : Equity Bulls

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