Crude Oil - May 6, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading flat on Thursday in early afternoon in Asian trade as rising coronavirus infections in India, Brazil and Japan and its impact on demand offset gains from bullish inventory data.

Meanwhile, in other news, some respite to Asian buyers can be expected after Saudi Arabia's state energy firm, Saudi Aramco cut its June pricing for Asia by between 10 and 30 cents per barrel.

Technically, WTI Crude Oil range for today's session is $64.80-$66.05.

Domestic crude prices ended flat on Wednesday, tracking overseas prices.

International oil prices are trading flat on Thursday in early afternoon, tracking subdued overseas prices.

Technically, MCX Crude Oil May resistances are at 4875 and 4890. Supports are at 4835 and 4805.

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