Crude Oil - May 18, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading up by over 1% on Tuesday early afternoon trade in Asia supported by hopes of a recovery in fuel demand following the re-openings of the U.S. and European economies.

However, investors remained concerns over spreading COVID-19 cases in Asia and their impact on the demand from the region.

Investors will now await inventory data, staring with API data tonight and EIA data tomorrow.

Technically, WTI Crude Oil has given a breakout above $66.70 level and could see a bullish momentum up to $67.10-$67.55 levels. Support is at $66.30-$65.70 levels.

Domestic oil prices are trading with gains on Tuesday early afternoon trade, tracking firm overseas prices.

However, upside remained capped as the Rupee strengthened against the U.S. Dollar this Tuesday.

Technically, MCX Crude Oil June is sustaining above 4850 levels where it could trade on positive note up to 4910-4960 levels. Support is at 4860-4820 levels.

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Source : Equity Bulls

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