Crude Oil - June 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with modest gains on Wednesday early afternoon trade in Asia supported by a robust recovery in demand in the United States and China.

Meanwhile, OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July and capped further upside.

Prices also took support amid the slow progress of Iran nuclear talks as the return of Iranian barrels appeared to be delayed. The talks could pause this week and could resume before Iran's June 18 presidential election.

In addition, investors will be on the lookout for the weekly inventory data from American Petroleum Institute, due later tonight, and data from the U.S. Energy Information Administration, set to be published on Thursday.

Technically, WTI Crude Oil holds could see sideways to marginal upside momentum up to $68.10-$68.44 levels. Support is at $67.80-$67.40 levels.

Domestic oil prices are trading with modest gains on Wednesday early afternoon trade, tracking firm overseas prices.

Technically, MCX Crude Oil June holds a support near 4950-4920 levels. Resistance is at 5010-5033 levels.

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Source : Equity Bulls

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