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Commodities
Crude Oil - June 9, 2021 - Reliance Securities
Posted On : 2021-06-09 17:51:15( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading higher this early Wednesday afternoon in Asian trade on signs of strong fuel demand in western economies and additional Iranian oil supply would not be re-introduced into the market soon.
Investors now await inventory data from EIA data tonight.
Technically, WTI Crude Oil has remained above $70.00 level and will continue its bullish momentum up to $71.20 levels. Support is at $69.45-$68.80 levels.
Domestic crude prices are also trading higher this early Wednesday afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil June has remained above 5100 levels and will continue its bullish momentum up to 5128-5170 levels. Support is at 5060-5019 levels.
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