Crude Oil - August 17, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International oil prices extended losses on Tuesday early afternoon trade in Asia amid worries over slowing demand amid a spike in the Delta variant of coronavirus infections.

Some support as expectations that major producers may not boost supply any time soon.

Worries over weaker demand in China, also weighed on prices after the nation's daily crude processing in July fell to its lowest level since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits.

Technically, WTI Crude Oil below $67.00 level could see a Bearish momentum up to $66.0-$65.30 levels. Resistance is at $66.70-$67.33 levels.

Domestic oil prices are also trading with modest cuts on Tuesday early afternoon trade, tracking overseas prices.

Technically, MCX Crude Oil August below 5000 could see 4930-4830 levels. Support is at 4977-5010 levels.

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Source : Equity Bulls

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