(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading marginally lower this early Friday afternoon in Asia amid rising supplies from producers and weak demand.
The U.S Dollar rebounded marginally this early Friday afternoon in Asia and kept upside capped.
Technically, WTI Crude Oil is trading on a negative note below $59.50 which will further take price downside up to $59.00-$58.40 levels. Resistance is at $59.80-$60.40 levels.
Domestic crude oil prices are trading with small gains this early Friday afternoon, tracking weaker Rupee.
Technically, MCX Crude Oil April could see a downside move 4400-4320 levels. Resistance is at 4470-4500 levels.
Strategy for Crude April for the rest of the session will be selling near 4450-4440 with a stoploss at 4500 and a target at 4370.
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