Mr. Sriram Iyer - Senior Research Analyst at Reliance Securities
International and domestic oil prices remained under pressure this Monday afternoon session and could remain weak this evening when the US markets opens pulled down by slow global demand and supply boost.
Looking ahead, prices could continue to remain volatile, choppy and possibly remain on a weaker note on Tuesday over escalating fears of a global economic slowdown, as major central banks stem demand with aggressive rate hikes to tame surging inflation.
Traders will also be closely monitoring efforts to revive the 2015 Iran nuclear deal which if agreed will boost exports from Iran by about 2.5 million bpd and ease supply concerns.
So, range for domestic crude futures for the next 24 hours or so is 7,030 to 7,300.