Crude Oil - Feb 16, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices rose on Tuesday morning and early afternoon trade in Asia as crude output from the U.S. could be impacted as a cold front shut wells and refineries in Texas.

Prices also gained amid geopolitical concerns in the middle east could raise supply concerns.

Meanwhile, capping prices gains Norway's oil industry employers struck a wage bargain with the Safe labour union on Tuesday, preventing a strike.

Technically, WTI Crude Oil is trading above $60.00 level where sustained trade above the level could see up to $61.30-$63.70 levels. Support is at $59.40-$58.70 levels.

Domestic oil prices are trading with small gains this Tuesday morning and early afternoon trade, tracking the overseas prices.

Technically, MCX Crude Oil February is trading above 4350 levels and further upside above the level could see 4390-4449 levels. Support is at 4310-4260 levels.

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Source : Equity Bulls

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