Crude Oil - March 31, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with gains this early Wednesday afternoon trade in Asia ahead of an OPEC+ meeting that will determine production levels for May.

However, upside in prices remained capped after OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures.

Meanwhile, investors will also await data from EIA on crude inventories tonight.

Technically, WTI Crude Oil could hold a resistance the 21-Daily Moving Average at $62.65 levels, while support is at $60.50-$59.70 levels.

Domestic oil prices were trading with gains this early Wednesday afternoon trade in a choppy trading session.

Technically, if MCX Crude Oil April trades below 4550 we could see a sideways to downside momentum up to 4410-4340 levels.

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Source : Equity Bulls

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