Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices witnessed a rebound this early Tuesday afternoon trade in Asia.
However, gains were capped amid growing concern about fuel demand in India, due to rising new coronavirus cases.
Meanwhile, OPEC and its allies are set to discuss policy on production at a meeting tomorrow.
Additionally, investors will also await inventory data this week, starting with API tonight and EIA tomorrow.
Technically, WTI Crude Oil resistances are at $62.55 and $63.00. Supports are at $61.80 and $60.90.
Domestic crude oil prices were steady this early Tuesday afternoon trade as the strength of the Rupee offset gains from the overseas markets.
Technically, MCX Crude Oil May resistances are at 4680 and 4720. Supports are at 4630 and 4590.
Strategy for Crude Oil May for the rest of the session is buying on dips at 4650 with a stoploss at 4615 and a target at 4720.
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