(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil extended gains on Wednesday morning and early afternoon trade in Asia after industry data showed a bigger than expected drop in inventories.
Markets shrugged off the latest developments in Europe and the United States where death tolls and new infections keep rising.
Markets will look to cues from the inventory data from EIA tonight.
Technically, WTI Crude Oil is in a strong uptrend where its trading above $53.56 levels as prices continuously trade on a positive note where could see some volatility in coming sessions. Support is at $53.20-$52.60 levels. Resistance is at $53.85-$54.20 levels.
Domestic oil prices rose on Wednesday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil January is trading consistently on bullish momentum where it crosses above 3900 levels heading towards its 52 week high at 4222 levels. Support holds at 3899-3870 levels and Resistance is at 3950-3985 levels.
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