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Technical Outlook

Concerns over tight supplies continues to support global oil prices. Export restriction from Russia due to deepening crisis in Ukraine coupled with worries over limited additional supply from other producers to offset the reduced flow from Russia expected to tighten global supplies. OPEC plus’ restrictive production policy and soaring US oil prices due to increased export demand to Europe also assisting the prices. At the same time, extended Covid 19 lockdown in China likely to restrict major rallies in prices.

NYMEX May: Prices continue to be held inside $115-94 levels with mild positive bias in the immediate run. Breaking any of the sides would suggest further directional moves in the commodity.

MCX May: Choppy trading remains on cards inside Rs 8900-7200 levels initially. However, consistent trades above/below the said levels would trigger fresh short-term directional moves.

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