Crude Oil - April 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading higher on Wednesday early Wednesday afternoon in Asia on the prospects for stronger global economic growth.

However, optimism about talks between the United States and Iran over Iran's nuclear programme and an impending increase in supply by major oil producers capped gains.

Markets will look to cues from inventory data tonight from EIA.

Technically, WTI crude oil is trading on a positive note but still remains below $60.00 which could upside limited up to $59.80-$60.50 levels.

Domestic crude oil prices are trading with gains this early Wednesday afternoon trade, tracking the weakness of the Indian Rupee and firm overseas prices.

Technically, MCX Crude Oil April supports are at 4320 and 4240 levels. Resistances are at 4390 and 4450.

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Source : Equity Bulls

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