Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading higher this early Friday afternoon trade in Asia supported by improved oil demand outlook and strong economic recoveries in China and the United States.
However, gradual return of supply over the next few months could cap upside in prices.
Technically, WTI Crude Oil is sustaining above $63.00 level which could further push prices up to $63.95-$64.30 levels. Support is at $63.20-$62.50 levels.
Domestic oil prices are trading weak this early Friday afternoon trade tracking the gains in the Indian Rupee.
Technically, MCX Crude Oil April is sustaining above 4700 levels indicating further bullish momentum to continue up to 4770-4820 levels. Support is at 4710-4655 levels.
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