Crude Oil - April 20, 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 tracking a weaker U.S. dollar and expectations that crude inventories fell in the United States.

Although rising coronavirus cases in Asia capped gains.

Meanwhile, Libya's National Oil Corp (NOC) declared force majeure on exports from their ports and other facilities because of a budget dispute with the country's central bank. The disruption could cut Libya's oil output by 280,000 barrels per day (bpd) and lent support as well.

The industry group American Petroleum Institute (API) data will be released tonight after market hours, while data from Energy Information Administration (EIA) is due on Wednesday.

Technically, WTI Crude Oil has bounced back from $62.50 levels and trading on positive note above $63.90 level indicating a bullish momentum up to $64.20-$64.55 levels. Support is at $63.70-$63.20 levels.

Domestic oil prices are trading with gains this early Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil May could see a bullish momentum up to 4822-4870 levels. Support is at 4770-4735 levels.

Strategy for Crude Oil May will be buying near 4800 with a stoploss at 4770 and a target at 4860.

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Source : Equity Bulls

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