Crude Oil - August 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices are trading marginally in the red on Wednesday early afternoon trade in Asia on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.

However, falling inventories in the U.S. and geopolitical tensions in the Gulf have capped downside.

Investors will look to cues from the official inventory data from EIA due tonight.

Technically, WTI Crude Oil could see a Bearish momentum up to $69.15-$68.50 levels. Resistance is at $70.10-$70.77 levels.

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

Technically, MCX Crude Oil August could see a downside pressure up to 5150-5059 levels. Resistance is at 5256-5350 levels.

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Source : Equity Bulls

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