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Commodities
Crude Oil - June 3, 2021 - Reliance Securities
Posted On : 2021-06-03 21:55:26( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil was trading with small gains on Thursday early afternoon trade in Asia supported by a surge in fuel demand in the U.S., China, and Europe.
A fall in inventories and a possible delay of supply from Iran also help prices.
Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.
Technically, WTI Crude Oil has given a breakout above $69.00 levels where it could see a bullish momentum up to $69.60-$70.78 levels. Support is at $68.80-$67.94 levels.
Domestic oil prices are trading with small gains on Thursday early afternoon trade in Asia, tracking firm overseas prices.
Technically, if MCX Crude Oil June continues above 5000 levels could see upside push up to 5065-5094 levels. Support is at 5010-4978 levels.
Strategy for Crude Oil June for the rest of the session is buying on dips near 5020 with a stoploss at 4990 and a target at 5060.
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