Crude Oil - April 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading lower this early Monday afternoon trade in Asia as rising covid-19 cases in consuming countries like India could prompt stricter lockdowns and in turn hurt demand.

Meanwhile, some of the OPEC+ cuts will be eased starting in May and weighed on prices, and the group meets on April 28 to consider further tweaks to the supply pact.

Technically, WTI Crude Oil could see a resistance near $63.20-$63.70 levels and witness support near $62.60-$62.20 levels.

Domestic crude oil prices are trading lower, tracking overseas prices, but a weaker Rupee capped downside.

Technically, MCX Crude Oil May could see a resistance near 4750-4830 levels and witness support at 4700-4640 levels.

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Source : Equity Bulls

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