Crude Oil - April 22, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading weaker this early afternoon trade in Asia on Thursday as rising number of COVID-19 cases in India and Japan continues to raise fuel demand concerns.

The markets were also weighed down by a bearish inventory report by EIA and by talks of a nuclear deal by May for Iran that would take U.S. sanctions off the former crude exports, potentially adding another two million barrels per day or more to the market.

Technically, WTI Crude Oil has given breakdown with good volume activity indicating a negative trend to continue up to $60.40-$59.70 levels. Resistance is at $61.47-$62.10 levels.

Domestic oil prices are trading weaker this early afternoon trade on Thursday tracking weaker overseas prices and stronger Rupee.

Technically, MCX Crude Oil May has given a sharp correction from 4650 levels indicating a downside momentum up to 4520-4450 levels. Resistance is at 4610-4680 levels.

Strategy for Crude Oil May for the rest of the session will be selling near 4600 with a stoploss at 4630 and a target at 4520.

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Source : Equity Bulls

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