Crude Oil - Outlook - April 6, 2021 - Reliance Securities
(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices fell on Monday as rising output from OPEC+ and the threat of another severe COVID-19 wave countered signs of a strong economic rebound in the United States.
Domestic crude prices crashed on Monday, tracking weak overseas prices.
Meanwhile, we could witness an influx of Iranian oil into the markets as Iran, exempt from making voluntary cuts, is also boosting supply and in turn weighing on prices.
The global economic outlook has become clouded by another wave of coronavirus infections. Cases have spiked in India, Canada and other nations. France tightened lockdowns to head off the disease's spread.
Iran and the United States said on Friday they would hold indirect talks in Vienna from Tuesday as part of broader negotiations to revive the 2015 nuclear deal between Tehran and global powers.
International oil prices have started higher this Tuesday morning in Asian trade.
Markets will now await cues from inventory data this week.
Technically, WTI Crude Oil supports are at $59.20 and $58.40. Resistances are at $60.20 and $61.00.
Domestic crude could start higher this Tuesday morning, tracking international prices.
Technically, MCX Crude Oil April supports are at 4220 and 4180. Resistances are at 4340 and 4388.
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