(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading flat to marginally lower this Thursday morning and early afternoon trade in Asia, as the rising number of COVID-19 cases could hamper the fuel demand.
Some respite could come from falling inventories and more stimulus measures that are expected to be unveiled by U.S. President-elect Joe Biden later in the day.
Technically, WTI Crude Oil has resumed above $53.10 levels but $53.93-$54.30 holds a resistance and a sustained trade above the level will push prices higher. $52.60-$51.80 will act as support.
Domestic oil prices are trading marginally lower this Thursday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil January is holding a support near 3850-3833 levels above which will continue its bullish momentum up to 3955-3980 levels.
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