Crude Oil - May 11, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are weaker this Tuesday early afternoon in Asia as hack-hit U.S. Pipeline works to restart flows.

Traders will look ahead to OPEC's latest analysis of global supply and demand this evening, along with the reports from U.S. Energy Information Administration on the Short-Term Energy Outlook later.

Oil traders continued to monitor the pandemic situation in India. The World Health Organization considers the variant that's been spreading there a global concern and will provide more details in a report later in the day.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day.

Technically, WTI Crude Oil could see a sideways momentum as it holds a strong resistance near $65.74-$66.00 levels. Support is at $64.50-$64.20 levels.

Domestic oil prices were trading weaker on Tuesday early afternoon, tracking overseas prices.

Technically, MCX Crude Oil May has bounced back from 4700 level and only a trade above will push prices to 4800-4825 levels. However below 4700 level could see a Bearish momentum up to 4670-4650 levels.

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Source : Equity Bulls

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