(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International crude prices were trading with gains this Thursday morning and early afternoon trade in Asia amid hopes that OPEC and its allies would decide to keep output curbs in place as some regions face COVID-19 infections which has prompted lockdowns and restrictions.
Ministers from the OPEC and allies will meet later on Thursday to consider options that include an output roll-over and a gradual output increase.
Meanwhile, U.S. crude production fell in January, official figures showed, helping to support prices. U.S. output fell to 11.08 million bpd last month, down from a revised 11.101 million bpd in December.
Technically, WTI Crude Oil is trading below 21 as well as 50 Daily Moving Average and below $59.85 will further take price downside up to $59.20-$58.40 levels. Resistance is at $60.20-$61.00 levels.
Domestic crude oil prices were trading with gains this Thursday morning and early afternoon trade, tracking firm overseas prices.
Technically, MCX Crude Oil April could see a downside move 4360-4280 levels. Resistance is at 4420-4480 levels.
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