Crude Oil - August 23, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices recovered on Monday early afternoon trade in Asia supported by bargain hunting and a softer dollar.

Although surging cases of the Delta coronavirus variant kept sentiment cautious as markets will be worried about weakened fuel demand worldwide due to the surge in the pandemic.

Investors will be awaiting inventory data this week starting with API data tomorrow and official EIA data tomorrow.

Technically, WTI Crude Oil is trading above $63.00 level and could witness a bullish momentum up to $63.90-$64.40 levels. Support is at $62.25-$61.90 levels.

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

Technically, MCX Crude Oil August is above 4700 and could witness a bullish momentum up to 4760-4790 levels. Resistance is at 4610-4570 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