Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices recovered from morning weakness and is trading with marginal gains this early Wednesday afternoon trade in Asia amid optimistic forecasts of global fuel demand recovery.
However, a rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains.
Markets will now focus on the more closely watched weekly inventory data from the U.S. Energy Information Administration later tonight.
Technically, WTI Crude Oil resistances are $63.30 and $63.70. Supports are at $62.80 and $62.40.
Domestic crude oil prices are trading higher this early Wednesday afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil May has bounced back above 4650 levels indicating a sideways to marginal upside momentum up to 4740-4777 levels. Support is at 4690-4640 levels.
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