(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices surged higher this Tuesday morning and early afternoon trade in Asia underpinned by lower output as U.S. supplies were slow to return after a deep freeze in Texas shut in crude production last week.
Prices also found support amid optimism over COVID-19 vaccine rollouts.
Meanwhile, investors will look to cues from inventory data this week.
Initially after market hours today, API will release data, while the official data from the government will be released tomorrow.
Stockpiles of U.S. crude oil and refined products likely declined last week, a preliminary Reuters poll showed this week, due to the disruption in Texas.
Technically, WTI Crude Oil prices are sustaining above $62.00 levels and could witness further strong uptrend upto $64.00-64.50 levels. Support is at $60.30-$59.40 levels.
Domestic oil prices surged higher this Tuesday morning and early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil March has started to trade above 4500 levels and above which will continue its bullish momentum up to 4570-4605 levels. Support is at 4508-4380 levels.
Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.