(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic crude extended gains this Wednesday afternoon trade supported by optimism surrounding the Covid-19 vaccine raised hopes for fuel demand recovery.
However, upside remained capped after rise in crude inventories.
Markets will look to cues to the release of official U.S. government crude stocks data on Wednesday.
Technically, WTI Crude Oil is sustaining above $45.00 after giving a breakout of strong resistance near $43.80 levels indicating for upside momentum to continue upto $45.80-$46.70 levels. Support is at $44.30-$43.80 levels.
MCX Crude December has given a breakout above 3255 levels where it is trading above 3360 levels which signifies for strong bullish momentum to continue up to 3390-3445 levels. Support is at 3315-3260 levels.
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