Crude Oil - August 23, 2022 - Reliance Securities

Mr. Sriram Iyer - Senior Research Analyst at Reliance Securities

International and domestic oil prices rebounded this Tuesday afternoon session after Saudi Arabia warned that OPEC+ could reduce output to counter sharp declines in oil prices.

The U.S Dollar also took a breather this Tuesday afternoon session and lent support.

Looking ahead, prices could remain volatile on Wednesday's trade.

Aggressive rate hike by the Fed could slow down growth and dent demand and cap upside.

Additionally, progress around reviving the 2015 nuclear accord also loomed large over the markets and a potential deal could boost Iranian oil exports by about 2.5 million bpd and keep upside capped.

So, range for domestic crude futures for the next 24 hours or so is 6,970 to 7,450.

Source : Equity Bulls

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