Crude Oil Report - Feb 24, 2022 - Reliance Securities

International oil prices ended with small gains on Wednesday.

However, prices were off session high as early indications suggest that escalation between Russia and Ukraine was unlikely to result in sanctions on energy supplies from Russia.

Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy.

Domestic crude oil ended marginally weaker and came off session highs, tracking the overseas prices.

Energy Index futures ended flat tracking weak domestic crude prices.

Meanwhile, crude stocks fell by 1.1 million barrels for the week ended February 11.

Gasoline and distillate inventories also fell by 923,000 and 546,000 barrels respectively.

International oil prices have started higher this early Thursday morning in Asian trade.

Investors will look to cues from crude inventories and according to a Reuters poll crude stock could witness a 400,000-barrel build and a drawdown in fuel stockpiles.

Technically, if WTI April trades above $92.20 level, it could continue its bullish momentum up to the resistance zone at $93.80-$95.45. A trade below could pull prices to the support zone at $90.55-$88.95.

Domestic crude oil prices could start higher and remain volatile this Thursday trade, tracking a positive start in the international prices.

Source : Equity Bulls

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