(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic oil prices rebounded from the lows of the session in Tuesday's afternoon trade as investors awaited the conclusion from OPEC+ meeting this week.
The OPEC and its allies postponed output policy talks until Thursday.
Markets were weak in the initial hours of Tuesday's session amid renewed fears of restrictions as covid-19 cases continue to surge after the Thanksgiving holiday in the U.S. and Europe.
Markets will now await ISM Manufacturing PMI and Fed Chair Jerome Powell's testimony due later in the intraday session.
Additionally, after market hours American petroleum institute will release the weekly inventory data as well, which could move the market over the next couple of sessions.
Technically, WTI Crude Oil is trading on a positive note where it has bounced back $44.50 level. However it holds a strong resistance near $46.20-$46.68 levels. Support is at $45.50-$44.70 levels.
MCX Crude December has bounced back from 3307 levels and is trading with more than 1% gains at 3360 levels. However near 3400 levels could see a hurdle for further upside movement. Resistance is at 3398-3415 levels and Support is at 3315-3299 levels.
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