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Commodities
Crude Oil - August 5, 2021 - Reliance Securities
Posted On : 2021-08-05 23:14:36( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading flat to marginally weaker on Thursday early afternoon trade reversing early gains as more countries-imposed movement restrictions amid a surge in coronavirus cases.
Prices were also weighed down as the U.S. dollar firmed on Thursday early afternoon trade.
However, tension in the Middle East kept downside limited.
Technically, WTI Crude Oil could see a Bearish momentum up to $67.40-$66.00 levels. Resistance is at $68.80-$69.55 levels.
Domestic oil prices fell on Thursday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil August could see a downside pressure up to 5000-4950 levels. Resistance is at 5120-5190 levels.
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