Crude Oil - May 7, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices recovered on Friday in early afternoon trade in Asia on buoyant economic data from China and the United States.

However, the surging COVID-19 pandemic in India capped upside.

Crude imports of the world's biggest buyer fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day, the lowest since December.

Technically, WTI Crude Oil supports remain at $64.30 and $63.68. Resistances remain at $65.28 and $65.75.

Domestic oil prices are trading with small losses on Friday in early afternoon trade, tracking a stronger Rupee.

Technically, MCX Crude Oil May resistances remain at 4856 and 4922. Supports remain at 4743 and 4630.

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Source : Equity Bulls

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