Crude Oil - May 20, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat to marginally higher on Thursday early afternoon trade supported by re-opening in Europe and the U.S. could improve demand.

Worries that surging COVID-19 cases in Asia would dent demand and rumours that the Iran nuclear talks were making progress and boost supplies kept upside capped.

Technically, WTI Crude Oil is holding a support of 50-Daily Moving Average which is near $62.70 level indicating a sideways momentum within the range $62.50-$65.30 levels.

Domestic oil prices are trading marginally in the green on Thursday early afternoon trade, tracking firm overseas prices.

Technically, MCX Crude Oil June below 4700 level could see a Bearish momentum up to 4630-4560 level. Resistance is at 4699-4750 levels.

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Source : Equity Bulls

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