Crude Oil - August 9, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International crude oil prices fell on Monday early afternoon trade in Asia, extending losses from Friday on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, could dampen the global recovery in fuel demand.

Meanwhile, weak data from China also weighed on prices.

Data from the country's crude oil imports dipped on a daily basis in July to 9.71 million barrels per day (bpd), a fourth month in a row of imports below 10 million bpd and sharply down on a record 12.94 million bpd in June 2020.

China's export growth also slowed more than expected in July following outbreaks of COVID-19 cases and floods.

Technically, WTI Crude Oil could see a Bearish momentum up to $66.20-$65.77 levels. Resistance is at $66.70-$67.10 levels.

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

Technically, MCX Crude Oil August could see a downside pressure up to 4900-4830 levels. Resistance is at 4970-5055 levels.

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Source : Equity Bulls

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