(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic oil prices are trading lower in quiet trade this Friday afternoon in Asian trade.
Market conditions are likely to remain thin, as the US markets operate partially amid the Thanksgiving holiday mood.
However, markets remained under pressure amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.
The next trigger point for oil will be the OPEC+ meeting on November 30-December 01 where the allies could decide on the output curbs.
Technically, WTI Crude Oil is trading on a negative note where it is likely to confirm bearish reversal as it has formed a Bearish Candlestick after giving a rally from $41.50 levels. Therefore, indicating some sideways to marginal downside momentum to continue in the range of $43.30-$45.50 levels.
MCX Crude December has drifted from 3400 levels and has formed a Bearish Candlestick which signifies Bearish Reversal indicating some consolidation in a range of 3230-3380 levels.
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