(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil futures are trading with gains on Tuesday morning and early afternoon trade supported by optimism that government stimulus will support global economic growth.
However, upside remained capped amid concerns that oil demand could take a hit due to renewed COVID-19 pandemic lockdowns globally.
Technically, WTI Crude Oil has rebound above $52.00 where it will continue its bullish momentum up to $52.70-$53.50 levels. Support is at $51.76-$51.60 levels.
Domestic oil prices are trading with gains on Tuesday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil February is holding support of 3840 levels from where a bounced back can be expected up to 3875-3960 levels. Support is at 3830-3790 levels.
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