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Crude Oil - June 3, 2021 - Reliance Securities

Posted On: 2021-06-03 16:25:26 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil was trading with small gains on Thursday early afternoon trade in Asia supported by a surge in fuel demand in the U.S., China, and Europe.

A fall in inventories and a possible delay of supply from Iran also help prices.

Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.

Technically, WTI Crude Oil has given a breakout above $69.00 levels where it could see a bullish momentum up to $69.60-$70.78 levels. Support is at $68.80-$67.94 levels.

Domestic oil prices are trading with small gains on Thursday early afternoon trade in Asia, tracking firm overseas prices.

Technically, if MCX Crude Oil June continues above 5000 levels could see upside push up to 5065-5094 levels. Support is at 5010-4978 levels.

Strategy for Crude Oil June for the rest of the session is buying on dips near 5020 with a stoploss at 4990 and a target at 5060.

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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