Crude Oil - March 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with small gains this Thursday morning and early afternoon trade in Asia boosted by a fall in crude and refined product inventories.

Meanwhile, rumours have been floating around that OPEC and its allies could be considering rolling over production cuts from March into April rather than raising output and supported prices.

Technically, WTI Crude Oil could has bounced back from 21-DMA at $60.10 level and further could above the level could push prices up to $61.98-$62.60 levels. Support is at $61.30-$60.00 levels.

Domestic crude prices are trading lower, bucking overseas trend, probably on the back of stronger Rupee this Thursday afternoon trade.

Technically, MCX Crude Oil will continue to trade on bullish momentum up to 4540-4594 levels. Support is at 4480-4420 levels.

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Source : Equity Bulls

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