Crude Oil - March 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices rebounded this Friday morning in Asian trade on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply.

However, lingering worries that a fresh wave of lockdowns in Europe and could slow a recovery of global fuel demand could limit gains.

Markets will now look to cues from the OPEC+ meeting next week. OPEC and its allies are expected to roll over their current supply curbs into May at a meeting scheduled for April 1.

Technically, WTI Crude Oil supports are $58.75-$58.00 levels. Resistance is at $60.20-$61.00 levels.

Domestic oil prices are trading with gains this Friday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil April could continue to trade within the range of 4170-4400 levels.

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Source : Equity Bulls

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