Crude Oil - August 31, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading in the red on Tuesday afternoon trade in Asia amid concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries.

Prices were weighed down as global producers plan to raise output and weaker manufacturing data from China.

So, investors will be cautious ahead of OPEC+ review meeting tomorrow and inventory data over the next 2 days.

Technically, WTI Crude Oil October above $67.50 level could see a Bullish momentum up to $69.10-$70.50 levels. Support is at $68.40-$67.70 levels.

Domestic oil prices are also trading in the red on Tuesday afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil September above 5000 could see 5060-5120 levels. Support is at 5030-4980 levels.

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Source : Equity Bulls

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