Crude Oil - May 3, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat this Monday in early afternoon trade in Asia as a second wave of coronavirus infections in India dampened oil demand, offsetting optimism about a strong rebound in consumption in developed countries and China in the second half of the year.

On the supply side, the OPEC produced 25.17 million bpd in April, up 100,000 barrels from March, as Iran and other producers increased output and kept upside limited in prices.

Technically, WTI crude oil could trade in the range from $63.00 to $64.10; however, a break above $64.10 could push prices to $64.60, while a break below $63.00 could pull prices to $62.60.

Domestic oil prices are trading flat this early Monday afternoon trade, tracking subdued overseas markets.

Technically, MCX crude May contract could trade in the range from a low at 4685 to a high at 4775 this Monday.

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Source : Equity Bulls

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