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Commodities
Crude Oil - May 28, 2021 - Reliance Securities
Posted On : 2021-05-29 13:32:25( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices gave up early morning gains and are trading flat on Friday early afternoon trade in Asia.
Recent upbeat data from the U.S. showed that a recovery in the world's largest economy was on track and kept downside limited.
Additionally, robust demand expectations over the holiday weekend from the U.S. could keep downside capped.
Technically, WTI Crude Oil breakout below $67.00 could see a bearish momentum up to $66.20-$66.70 levels. Resistance is at $67.00-$67.55 levels.
Domestic oil was trading flat are trading flat on Friday early afternoon trade.
Technically, MCX Crude Oil June holds a resistance near 4870-4890 levels. Support is at 4830-4790 levels.
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