Crude Oil - June 10, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading lower on Thursday early afternoon trade in Asia after inventory data in the United States, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand.

Meanwhile, implied gasoline demand fell to 8.48 million bpd in the week to June 4, down from 9.15 million bpd from the week before, EIA data showed.

In other news, Keystone XL, which was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners, was halted by owner TC Energy Corp after U.S. President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project.

Technically, WTI Crude Oil supports are at $69.10 and $68.66. Resistances are at $69.81 and $70.20.

Domestic oil prices are trading in the red on Thursday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil June supports are at 5056 and 5018. Resistances are at 5105 and 5137.

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Source : Equity Bulls

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