Crude Oil - April 13, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with gains this early Tuesday afternoon trade in Asia supported by geopolitical tensions in the Middle East and upbeat data from China.

Reuters reported that Yemen's Iran-aligned Houthi movement had fired drones and ballistic missiles at Saudi targets, including towards Saudi Aramco refineries in Jubail and Jeddah. However, so far there has been no immediate threat to the oil supply.

Crude oil imports into China also jumped 21% in March from a year earlier as refiners increased operation amid robust fuel demand as the COVID-19 pandemic eased in the country.

Investors now await the inventory data this week.

Technically, WTI Crude Oil could trade in a band of $58.70 to $61.50.

Domestic crude oil prices are trading up by over 1% this early Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil April could trade in a band of 4340 to 4540.

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