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Commodities
Crude Oil - July 2, 2021 - Reliance Securities
Posted On : 2021-07-04 13:44:48( TIMEZONE : IST )
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading marginally in the red on Friday early afternoon trade in Asia reversing gains from early morning trades, as investors await the delayed OPEC+ decision on output tonight.
The standstill could end with OPEC+ not increasing output at all, which means the alliance could keep output unchanged until April 2022.
If OPEC+ can't resolve the conflict, the possibility of crude surging higher will add to growing inflationary pressures in the global economy.
Technically, if WTI Crude Oil breaches above $75.25 level we could witness a continuation of upside momentum up to $76.00. However, a fall below the level could pull prices to supports at $74.50.
Domestic oil prices are trading higher on Friday early afternoon trade, tracking a weaker Rupee.
Technically, MCX Crude Oil July holds resistances at 5620 and 5655. Key supports near 5550 and 5520.
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