Crude Oil - April 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading higher this early Friday afternoon trade in Asia supported by improved oil demand outlook and strong economic recoveries in China and the United States.

However, gradual return of supply over the next few months could cap upside in prices.

Technically, WTI Crude Oil is sustaining above $63.00 level which could further push prices up to $63.95-$64.30 levels. Support is at $63.20-$62.50 levels.

Domestic oil prices are trading weak this early Friday afternoon trade tracking the gains in the Indian Rupee.

Technically, MCX Crude Oil April is sustaining above 4700 levels indicating further bullish momentum to continue up to 4770-4820 levels. Support is at 4710-4655 levels.

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