(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices extended losses this Tuesday morning an early afternoon trade in Asia amid concerns that OPEC and its allies could agree to increase global supply in a meeting this week as prices stabilized.
Rumours of Chinese's oil strategic reserves getting filled up to the extent that they could limit buying activities also weighed on prices.
Markets will look to cues from the inventory data before the OPEC meeting from both API and EIA.
Technically, WTI crude has pivotal support at $58.60 and a close below could witness a correction towards $57.45. Important resistance is at $60.65-61.40.
Domestic oil prices are trading weaker this Tuesday morning an early afternoon trade, tracking overseas markets.
Technically, MCX March crude has a pivotal support at Rs.4370 and a close below could witness a correction towards Rs.4290. Important resistances are at Rs.4450-4490.
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