(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were down Monday morning and early afternoon trade in Asia over renewed fuel demand worries as ever-rising numbers of global COVID-19 cases see more countries, most recently in China and Europe, impose strict lockdown measures.
China, the second-largest oil user globally, saw its biggest daily increase in COVID-19 cases in more than five months, the country said on Monday.
Technically, WTI Crude Oil is trading marginally below the important level of $52.00 and only sustained move above the level could continue to the bullish momentum up to $53.00-53.50 levels. Support remains at $50.70-$49.70 levels.
Domestic crude was down this Monday morning and early afternoon trade, tracking the weak overseas prices.
Technically, MCX Crude Oil January could find resistance at 3810-3820 levels but a trade above could push prices to 4000 levels. Support is at 3735-3680 levels.
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