Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading weak on Thursday afternoon trade in Asia extending losses from Wednesday weighed down by a build in U.S. gasoline inventories and a potential OPEC+ agreement to increase supply.
The latest breakthrough proposal gives the UAE a higher input quota, with talks continuing. However, other OPEC+ members are also seeking better terms, with Iraq reportedly pursuing a higher production baseline.
Meanwhile, prices were also weighed down by possible fears of stricter curbs from governments to curb the spread of the more transmissible Delta variant of the virus and its impact on fuel demand.
Technically, WTI Crude Oil below $72.00 level could see a Bearish momentum up to $71.10-$70.88 levels. Resistance is at $71.60-$72.00 levels.
Domestic oil prices are trading weaker on Thursday afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil could see a Bearish momentum up to 5320-5288 levels. Resistance is at 5380-5400 levels.
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