Crude Oil - May 26, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with small gains on Wednesday early afternoon trade in Asia supported by improving U.S. fuel demand and falling weekly inventories.

However, upside remained capped on worries that a possible return of Iranian supply would cause a glut.

Markets could look to cues from inventories from EIA and investors will also keep an eye out on any fresh developments in talks between Iran and the U.S.

Technically, WTI Crude Oil could continue its Bearish momentum up to $65.65-$64.80 levels. Resistance is at $66.30-$66.70 levels.

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

Technically, MCX Crude Oil June is above 4800 level indicating a bullish momentum to continue up to 4850-4880 levels. Support is at 4755-4710 levels.

Strategy for Crude Oil June for the rest of the session is selling on rise 4850-4860 with a stoploss at 4900 and a target at 4770.

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Source : Equity Bulls

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