(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with gains on Tuesday supported by bargain hunting.
Upbeat data from the U.S and China lifted sentiments.
However, concerns remain over demand due to lockdowns in certain countries.
Investors are also awaiting the release of U.S. inventory reports from the American Petroleum Institute later on Tuesday and the Energy Information Administration on Wednesday.
Technically, WTI Crude Oil is trading on a positive note which will further take price up to $60.50. Supports are at $59.00 and $58.40 levels.
Domestic crude oil gold prices are trading with gains this early Tuesday afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil April supports are at 4320 and 4240. Resistances are at 4390 and 4450.
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