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Crude Oil - May 3, 2021 - Reliance Securities

Posted On: 2021-05-03 12:44:58 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat this Monday in early afternoon trade in Asia as a second wave of coronavirus infections in India dampened oil demand, offsetting optimism about a strong rebound in consumption in developed countries and China in the second half of the year.

On the supply side, the OPEC produced 25.17 million bpd in April, up 100,000 barrels from March, as Iran and other producers increased output and kept upside limited in prices.

Technically, WTI crude oil could trade in the range from $63.00 to $64.10; however, a break above $64.10 could push prices to $64.60, while a break below $63.00 could pull prices to $62.60.

Domestic oil prices are trading flat this early Monday afternoon trade, tracking subdued overseas markets.

Technically, MCX crude May contract could trade in the range from a low at 4685 to a high at 4775 this Monday.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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