Crude Oil - June 23, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices are trading modestly higher on Wednesday early afternoon trade in Asia supported by a strong economic rebound of key consumers boosted fuel demand.

Meanwhile, a fall in inventories also lent support.

Investors now await an OPEC+ meeting for clues on production policy and crude oil supply data from the U.S Energy Information Administration, due later in the day.

Meanwhile, Iran indicated that nuclear talks with world powers could be extended beyond August 2021 and the possible gain in fuel supply is set to be delayed and lent support.

Technically, WTI Crude Oil above $73.00 could see an upside move up to $73.40-$73.83 levels. Support is at $72.80-$72.45 levels.

Domestic oil prices are also trading modestly higher on Wednesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil July will hold a support near 5420-5390 levels. Resistance is at 5455-5480 levels.

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Source : Equity Bulls

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