(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with gains this early Tuesday afternoon trade in Asia supported by geopolitical tensions in the Middle East and upbeat data from China.
Reuters reported that Yemen's Iran-aligned Houthi movement had fired drones and ballistic missiles at Saudi targets, including towards Saudi Aramco refineries in Jubail and Jeddah. However, so far there has been no immediate threat to the oil supply.
Crude oil imports into China also jumped 21% in March from a year earlier as refiners increased operation amid robust fuel demand as the COVID-19 pandemic eased in the country.
Investors now await the inventory data this week.
Technically, WTI Crude Oil could trade in a band of $58.70 to $61.50.
Domestic crude oil prices are trading up by over 1% this early Tuesday afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil April could trade in a band of 4340 to 4540.
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