Crude Oil - March 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices extended gains this Monday morning and early afternoon trade in Asian trade amid geopolitical tensions in Saudi Arabia.

Reuters reported that Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry, including a Saudi Aramco facility vital to petroleum exports.

Prices also took support after last week's decision by OPEC and its allies not to increase production in April.

Upside was capped after the U.S. Dollar Index rose this Monday morning and early afternoon trade in Asian trade.

Technically, WTI Crude Oil could remain within the trading band of $68.45-$66.95.

Domestic crude prices are trading with solid gains this Monday morning and early afternoon trade, tracking international prices.

Technically, MCX Crude Oil could remain within the trading band of 4990-4835.

Strategy for Crude Oil March is buying on dips near 4910-4920 with a stoploss at 4870 and a target at 4990.

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Source : Equity Bulls

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