Crude Oil - May 10, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude prices rose on Monday early afternoon trade in Asia supported after a major cyber-attack that forced the shutdown of critical fuel supply pipelines in the United States.

The news has prompted worries about a spike in gasoline and diesel prices ahead of the peak summer driving season if the outage does not end soon.

Additionally, soaring premiums for North Sea oil have led to an influx of crude cargoes into Europe from exporters throughout the Atlantic Basin and lent support.

However, prices have come down from the highs of the session.

Technically, WTI Crude Oil could see a sideways momentum as it holds a strong resistance near $65.44 and $66.00 levels. Supports are at $65.00 and $64.70 levels.

Domestic oil prices are trading higher on Monday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil May has bounced back from 4770 level which could push prices further up to 4820-4870 levels. However below 4760 level could see a Bearish momentum up to 4630-4600 levels.

Strategy for Crude Oil May is buying on dips near 4780 with a stoploss at 4750 and at target at 4840.

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Source : Equity Bulls

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