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Commodities
Crude Oil - May 14, 2021 - Reliance Securities
Posted On : 2021-05-16 12:16:27( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading higher on Friday early afternoon trade in Asia.
However, markets continued to remain worried about as covid-19 cases in India.
Meanwhile, a key fuel pipeline in the United States resumed operations after being shut due to a cyber-attack and kept upside limited.
However, downside remained limited as the U.S. Dollar was trading lower this Friday early afternoon trade in Asia.
Traders were also watching the situation in the Middle East as geopolitical concerns between Israel and Palestine continued to escalate.
Technically, WTI crude resistances are at $64.05 and $64.50, and a sustained trade above could push prices to $65.00. Supports are at $63.85 and $63.10.
Domestic oil prices were trading higher on Friday early afternoon trade in Asia, tracking overseas prices.
Technically, MCX Crude May resistances are at 4706 and 4721 and a sustained trade above could push prices to 4745. Supports are at 4675 and 4645.
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