Crude Oil - May 27, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading marginally in the red on Thursday early afternoon trade in Asia on Thursday but remained within the small range.

Downside remained amid hopes of demand recovery as the summer driving season will kick-off in the United States and Europe, while a potential increase in Iranian supplies capped upside

The next trigger point for the oil markets could come from the OPEC+, on June 1, where producers will have to assess whether to change their plans for easing production curbs against the prospect of Iranian supply returning to the market.

Technically, WTI Crude Oil could continue its Bearish momentum up to $65.40-$64.90 levels. Resistance is at $66.25-$66.70 levels.

Domestic oil prices are trading marginally in the red on Thursday early afternoon trade, tracking weak overseas prices and a stronger Rupee.

Technically, MCX Crude Oil June is below 4800 level indicating the Bearish momentum to continue up to 4755-4710 levels. Resistance is at 4850-4880 levels.

Strategy for Crude Oil June for the rest of the session is selling on rise near 4820-4830 with a stoploss at 4880 and a target at 4740.

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Source : Equity Bulls

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