(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with modest gains this Wednesday morning and early afternoon trade in Asia supported by bullish U.S. crude stockpiles data from API.
Prices also found support after China reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand.
Today, investors will await cues from inventory data from EIA.
In the short term, markets will be in a wait and watch mode as investors will be wanting to consider the trajectory of the second wave in China and its impact on the economy.
Technically, WTI Crude Oil is trading on positive note above $53.00 levels indicating a positive momentum up to $53.25-$53.44 levels. Support is at $52.65-$52.22 levels.
Domestic oil prices are trading marginally higher this Wednesday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil February is trading above 3850 could see some sideways to marginal upside momentum upto to 3880-3920 levels where support holds near 3820-3780 levels.
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