Crude Oil - June 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading weaker on Friday early afternoon trade in Asia tracking the strength of the U.S. dollar.

On a weekly basis oil prices on track to finish the week little changed.

Investors will be wary of the Covid situation developing in Britain after the country reported its biggest daily rise in new cases of COVID-19 since Feb. 19.

Adding to negative sentiment was the possibility of an agreement between Iran and U.S. on the 2015 nuclear deal which could add supply of close to 2-2.5 million bpd to the market.

Technically, WTI Crude Oil could see sideways to marginal upside momentum up to $70.90-$71.80 levels. Support is at $70.20-$69.30 levels.

Domestic crude oil prices are trading with small cuts on Friday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil June could trade on bullish momentum where 5235-5200 holds a support and resistance is at 5285-5320 levels.

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Source : Equity Bulls

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