Crude Oil - April 30, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading weaker this Friday early afternoon in Asia amid concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic.

Prices also came under pressure after China's factory activity growth slowed and missed forecasts in April.

However, a bullish outlook on summer fuel demand and economic recovery capped downside.

Technically, WTI Crude Oil could trade in a range from $63.90 to $65.00.

Domestic oil prices were trading marginally lower this Friday early afternoon, tracking weak overseas prices and a stronger Rupee.

Technically, MCX Crude Oil May resistances remain at 4830 and 4880. Supports are at 4750 and 4720.

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Source : Equity Bulls

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