Crude Oil - Jan 8, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading near 11-month highs on Friday morning and early afternoon trade in Asia as Saudi Arabia's pledge to cut output continued to buoy market sentiment.

However, upside remained capped amid concerns over slower demand in gasoline and other fuels in the United States and other parts of the world due to wider restrictions to contain spreading COVID-19 pandemic.

Technically, WTI Crude Oil continues its bullish momentum above $51.00 levels where its trading on strong uptrend indicates a bullish momentum up to $51.65-$52.40 levels. Support is at $50.70-$49.70 levels.

Domestic oil prices are trading marginally higher on Friday morning and early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil January is continuing trading on a bullish note above 3710 levels further could see 3790-3850 levels. Support is at 3710-3690 levels.

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Source : Equity Bulls

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