Crude Oil - July 13, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading marginally in the green on Tuesday early afternoon trade in Asia as tight supply and expectations of a further draw in U.S. crude inventories provided support.

On the other hand, fears over the spreading COVID-19 Delta variant capped further gains and kept some investors cautious.

U.S. crude inventories were expected to fall for an eighth consecutive week, while gasoline stocks also declined, a preliminary poll showed.

Meanwhile, demand from Asia showed signs of revival after data from China showed a rise in crude imports in June from May.

Technically, WTI Crude Oil could see upside rally up to $73.79-$74.20 levels. Support is at $73.55-$73.20 levels.

Domestic oil prices are trading marginally in the green on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil holds a support near 5525-5500 levels. Resistance is at 5570-5598 levels.

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Source : Equity Bulls

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