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Crude Oil - Feb 24, 2021 - Reliance Securities

Posted On: 2021-02-24 05:03:22 (Time Zone: Arizona, USA)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading weaker this Wednesday morning and afternoon trade weighed down by a surprise build in inventories.

Data from American Petroleum Institute showed that crude inventories rose by 1 million barrels in the week to February 19. Official data is due tonight.

Technically, WTI crude could find support at $60.74 and a close below could pull prices to $59.95 levels. Major resistances are at $61.88-62.15 levels and break above could push prices back to $63.00.

Domestic oil prices are trading lower this Wednesday morning and afternoon trade, tracking overseas prices.

Technically, MCX March immediate hurdle is Rs.4500 and a sustained trade above could push prices to Rs.4575 levels. Supports are at Rs.4420, Rs. 4380 and Rs.4335.

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