Crude Oil - May 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading weaker on Wednesday early afternoon trade in Asia on renewed demand concerns as covid-19 cases in Asia rise.

The lower oil prices came despite a weaker U.S. dollar which is struggling near the 4-1/2 low against a basket of currencies early afternoon trade in Asia.

Investors will now be watching out for the latest U.S. crude and products stocks data from the U.S. Energy Information Administration due later tonight.

Technically, WTI Crude Oil resistance remains at $65.05 and $65.55. Supports are at $64.60 and $63.90.

Domestic oil prices are trading weaker on Wednesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil remains at 4755 and 4790. Supports remain at 4690 and 4645.

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Source : Equity Bulls

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