Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International crude oil prices are trading marginally in the red on Monday early afternoon trade in Asia as concerns over slowing global growth outweighed the prospect of tightening supplies.
The spread of coronavirus variants threatened the global economic recovery.
According to a Reuter's tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000.
Oil has been falling over the last few sessions as uncertainty has shrouded the market in the wake of OPEC's stalemate over future production increases.
Technically, WTI Crude Oil could witness some sideways momentum below $74.00 level up to $73.10-$72.80 levels. Resistance is at $73.70-$74.20 levels.
Domestic crude oil prices are trading marginally in the red on Monday early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil holds a support near 5500-5430 levels. Resistance is at 5580-5630 levels.
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