Crude Oil - May 5, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading with solid gains this Wednesday in early afternoon trade in Asia supported by bullish inventory data, which could reinforce bullish views on fuel demand.

Meanwhile, as most major economies emerge from the lockdown measures, demand could improve amid upcoming summer driving season which could offset concerns over lower demand from India, Japan and Brazil.

Traders and investors are awaiting data from the U.S. Energy Information Administration due at tonight.

Technically, WTI Crude Oil supports remain at $64.95 and $64.30. Resistances remain at $66.88 and $67.10.

Domestic oil prices are trading with modest gains this Wednesday in early afternoon trade, tracking firm overseas prices.

Technically, MCX Crude Oil May resistance is at 4975 and break above will push prices to 5109 levels. Supports remain at 4795 and 4730.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.

Source : Equity Bulls

Keywords