Crude Oil - April 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices ended flat on Thursday as a falling dollar offset earlier declines caused by an increase in U.S. gasoline stockpiles and subdued demand.

Domestic crude prices ended flat on Thursday, tracking overseas prices.

The U.S. dollar fell to a two-week low against a basket of currencies, tracking Treasury yields lower, after data showed a surprise rise in U.S. weekly jobless claims.

Iran and the United States held talks with other powers on reviving a nuclear deal reviving tentative hopes Tehran might see some sanctions lifted and add to global supplies. A potential for 2 million bpd in additional oil supply could flow into the markets if a deal is struck.

Russian oil and gas condensate output rose to 10.52 million barrels per day (bpd) in April 1-6, up from 10.25 million bpd on average in March.

International oil prices have started flat this Friday morning in Asian trade.

Technically, WTI Crude Oil supports are at $59.00 and $58.40. Resistances are at $60.30 and $60.70.

Domestic crude could start flat this Friday morning, tracking international prices.

Technically, MCX Crude Oil April supports are at 4400 and 4320. Resistances are at 4470 and 4500.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords