Crude Oil - Jan 18, 2021 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices were trading weak on Monday morning and early afternoon trade in Asia with the market s outlook questioned as coronavirus infections rise.
New covid-19 cases in China, parts of Europe and Britain continue to weigh on sentiments.
U.S. Markets are shut on Monday on account of Martin Luther King, Jr. Day.
Technically, WTI Crude Oil has formed a Bearish Engulfing Candlestick after a long rally indicating a sign of Bearish Reversal. Below $52.50 could see further downside $51.30-$50.60 levels.
Domestic oil prices were trading marginally weak on Monday morning and early afternoon trade, tracking overseas prices.
The rupee plunged by 21 paise to settle at a week’s low of 73.28 against the U.S. dollar on Monday, tracking weak domestic equities and a rebound in the American currency.At the interbank forex market