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Crude Oil - Feb 23, 2021 - Reliance Securities

Posted On: 2021-02-23 05:56:05 (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.

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Source: Equity Bulls

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