Crude Oil - July 19, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading in the red on Monday early afternoon trade in Asia after OPEC+ agreed to boost output, which sparked concerns about a crude surplus as COVID-19 infections continue to rise in many countries.

Meanwhile, the U.S Dollar continued to move higher this Monday early afternoon trade and weighed on prices.

Technically, WTI Crude Oil will continue its Bearish momentum up to $69.70-$68.90 levels. Resistance is at $70.44-$71.20 levels.

Domestic oil prices are trading in the red on Monday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil is sustaining below 5300 level indicating a sideways to Bearish momentum up to 5260-5150 levels. Resistance is at 5320-5400 levels.

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Source : Equity Bulls

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