Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices extended gains on Tuesday early afternoon trade in Asia, as the prospect of supply coming to the market from Iran faded with talks dragging on.
Prices also remained underpinned by an improved outlook for fuel demand as increased COVID-19 vaccinations help lift travel curbs.
Markets now will look to cues from the inventory data this starting with API tonight and EIA tomorrow.
Technically, WTI Crude Oil could see sideways to marginal upside momentum but could remain in tight range of $69.90-$71.40 levels.
Domestic oil prices are trading in the green on Tuesday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil June could continue to trade on sideways momentum where 5170-5130 holds a support and resistance is at 5225-5255 levels.
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