Crude Oil - June 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading in the red on Thursday early afternoon trade in Asia as the U.S. dollar strengthened after the U.S. Federal Reserve hawkish statement.

However, losses were limited by a big drop in U.S. crude oil inventories.

Also limiting downside in prices, refinery throughput in China, rose 4.4% in May from the same month a year ago to a record high.

So, we expect this fall in oil prices temporary correction as the fundamentals on both the supply and demand side should be able to help the prices move higher in the short run.

Technically, WTI July major support is at $71.45, however a close below today will pull prices to $70.50 levels. Resistances are at $72.15 and $72.35 for this Wednesday's session.

Domestic crude oil prices are trading in the green on Thursday early afternoon trade, but upside remained capped as overseas prices have corrected this Thursday in Asian trade.

Technically, MCX Crude June range for this Wednesday's session is 5225-5350 levels.

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Source : Equity Bulls

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