Crude Oil - June 1, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with solid gains on Tuesday early afternoon trade in Asia with Brent topping $70 as optimism grew over the fuel demand outlook.

Tracking firm GasBuddy said Sunday's U.S. gasoline demand jumped 9.6% above the average of the previous four Sundays, the highest Sunday demand since the summer of 2019.

Prices were also boosted after data from China showed that factory activity expanded at its fastest this year in May.

The price gains were capped, though, as more output is expected to hit the market.

OPEC and its allies are likely to agree to continue to slowly ease supply curbs at a meeting on Tuesday.

Technically, WTI Crude Oil holds could see sideways to marginal upside momentum up to $68.00-$68.44 levels. Support is at $67.00-$66.55 levels.

Domestic oil prices are trading with solid gains on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil June holds a support near 4910-4870 levels. Resistance is at 4977-5020 levels.

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Source : Equity Bulls

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