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Crude Oil - June 7, 2021 - Reliance Securities

Posted On: 2021-06-07 17:08:03 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading in the red on Monday afternoon trade in Asia giving up some of the gains made last week as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal.

Some profit booking and weak Chinese crude oil imports data for the month of May also pulled prices lower this Monday afternoon trade in Asia.

Technically, WTI Crude Oil will continue its bullish momentum up to $69.70-$80.10 levels. Support is at $69.05-$68.85 levels.

Domestic oil prices are trading in the red on Monday afternoon trade, tracking overseas prices and weak demand.

Technically, MCX Crude Oil June has given a breakout above 5000 levels where further could see 5068-5097 levels. Support is at 5020-5000 levels.

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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