Crude Oil - July 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are lower on Thursday early afternoon trade in Asia as Investors continue to keep an eye on the ongoing production dispute between Saudi Arabia and the United Arab Emirates (UAE) impacting global fuel supply.

As of today, there is no new deal and investors fear about how the OPEC+ stalemate will impact the future output.

Meanwhile, markets could look to cues from the U.S. crude oil supply data expected to be released by the U.S. Energy Information Administration later in the day.

Technically, WTI Crude Oil below $71.80 level will continue its Bearish momentum up to $70.80-$69.75 levels. Resistance is at $72.20-$72.80 levels.

Domestic oil prices are also trading weaker on Thursday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil July holds a Resistance near 5430-5510 levels. Support is at 5340-5280 levels.

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Source : Equity Bulls

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