(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic oil prices are trading marginally in the red giving up some of gains from the previous day as surging COVID-19 cases and widening lockdowns raised fears over fuel demand.
However, downside was capped amid hopes that OPEC and its allies could delay a planned increase in oil output. The group is due to discuss policy at a full ministerial meeting to be held on Nov. 30 and Dec. 1 and could consider a possible delay of three or six months.
Looking ahead, Jobless claims, Philly Fed Manufacturing Index and Existing home sales data could drive the markets in the intraday session.
Technically, WTI Crude Oil is trading on a flat note where it holds a resistance zone near $42.00 level below which will drag prices downside upto $41.40-$40.60 levels where Resistance is at $42.19-$42.56 levels.
Technically, MCX Crude December is holding a support near 3070 levels above which could trade on positive indicating sideways momentum to continue in the range of 3050-3183 levels for the rest of the session.