Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading with solid gains this Wednesday in early afternoon trade in Asia supported by bullish inventory data, which could reinforce bullish views on fuel demand.
Meanwhile, as most major economies emerge from the lockdown measures, demand could improve amid upcoming summer driving season which could offset concerns over lower demand from India, Japan and Brazil.
Traders and investors are awaiting data from the U.S. Energy Information Administration due at tonight.
Technically, WTI Crude Oil supports remain at $64.95 and $64.30. Resistances remain at $66.88 and $67.10.
Domestic oil prices are trading with modest gains this Wednesday in early afternoon trade, tracking firm overseas prices.
Technically, MCX Crude Oil May resistance is at 4975 and break above will push prices to 5109 levels. Supports remain at 4795 and 4730.
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