(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices rose on Thursday morning and early afternoon in Asia supported by voluntary cuts by Saudi Arabia and as U.S. crude stockpiles fell.
A lower dollar is also supporting prices.
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
Technically, WTI Crude Oil continues its bullish momentum above $51.00 levels where its trading on strong uptrend indicates a bullish momentum up to $51.65-$52.40 levels. Support is at $50.70-$49.70 levels.
Domestic oil prices are trading with small gains on Thursday morning and early afternoon in Asia, tracking overseas prices.
Technically, MCX Crude Oil January is continuing trading on a bullish note above 3700 levels further could see 3790-3850 levels. Support is at 3710-3690 levels.
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