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Commodities
Crude Oil - May 25, 2021 - Reliance Securities
Posted On : 2021-05-25 23:03:55( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are steady on Tuesday early afternoon trade in Asia amid lack of fresh triggers.
Markets will be keenly awaiting developments with regards to Iran and could also look to cues from the inventory data starting with API tonight.
Meanwhile, recovery of demand could be uneven as U.S., China and Europe re-emerge from the second wave, while certain countries in Asia like India and Singapore are still struggling.
Technically, WTI Crude Oil could continue its bullish momentum up to $66.70-$67.55 levels. Support is at $65.20-$64.30 levels.
Domestic crude prices are trading flat on Tuesday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil June gave a breakout above 4800 level indicating a bullish momentum up to 4855-4910 levels. Support is at 4780-4735 levels.
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