Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading up by over 1% on Tuesday early afternoon trade in Asia supported by hopes of a recovery in fuel demand following the re-openings of the U.S. and European economies.
However, investors remained concerns over spreading COVID-19 cases in Asia and their impact on the demand from the region.
Investors will now await inventory data, staring with API data tonight and EIA data tomorrow.
Technically, WTI Crude Oil has given a breakout above $66.70 level and could see a bullish momentum up to $67.10-$67.55 levels. Support is at $66.30-$65.70 levels.
Domestic oil prices are trading with gains on Tuesday early afternoon trade, tracking firm overseas prices.
However, upside remained capped as the Rupee strengthened against the U.S. Dollar this Tuesday.
Technically, MCX Crude Oil June is sustaining above 4850 levels where it could trade on positive note up to 4910-4960 levels. Support is at 4860-4820 levels.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.