Crude Oil - August 2, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading with modest cuts on Monday early afternoon trade in Asia as concerns over a slowing economic recovery in China clouded the fuel demand outlook.

On the COVID-19 front, the number of global daily cases continues to increase and also weighed on prices amid demand concerns.

However, downside could be capped amid geopolitical concerns in the Middle East after a petroleum product tanker was attacked with the U.S. and the U.K. both saying that Iran may have been behind the attacks.

Technically, WTI Crude Oil holds immediate support near 21-Daily Moving Average at $72.40 level and above which prices will continue its bullish rally up to $72.60-$73.00 levels. Support is at $72.35-$71.90 levels.

Domestic crude oil prices are trading weaker on Monday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil will continue its bullish momentum above 5450 level up to 5530-5600 levels. Support is at 5470-5400 levels.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords