(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices extended losses this Friday morning and early afternoon trade in Asia as OPEC+ supplies were expected to rise.
Meanwhile, speculation continued in the markets that refineries will take time to resume operations after the big freeze in the U.S. South due to lack of demand from refiners from Texas could likely lead to builds in crude stocks.
Some additional profit taking after the recent run up was also witnessed this Friday's trade.
Technically, WTI Crude Oil has bounced back from $58.50 level and is sustaining above $59.50 level indicating a sideways momentum in the range of $58.20-$60.60 levels.
Domestic oil prices extended losses this Friday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil March could see some sideways to marginal downside momentum below 4350 levels where support is at 4300-4260 levels. Resistance is at 4370-4420 levels.
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