(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading with modest gains this Tuesday afternoon trade in Asia as reports of about a third promising COVID-19 vaccine spurred hopes of a rapid recovery in oil demand.
Markets sentiments were also upbeat amid talks that OPEC+ could extend a deal to restrain output.
Markets will look to cues from inventory data from American Petroleum Institute tonight and from EIA tomorrow.
Markets will also closely watch out for the US CB Consumer Confidence data due for release later in the session.
Technically, WTI Crude Oil is trading on a positive note where it has reached a resistance zone near $43.80 levels below which could see some consolidation. However, it holds a strong uptrend above $43.00 levels. Therefore, it could trade in a range of $42.50-$43.80 levels.
Domestic oil prices were trading with small gains this Tuesday afternoon trade, tracking firm overseas prices.
MCX Crude December holds a resistance horizontal trend line near 3255 levels below which could see some downside pressure. However above 3150 will continue its bullish momentum where it could trade in a range of 3150-3255 levels.
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