Weekly Outlook on Crude Oil By Mr. Anuj Gupta, IIFL Securities
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Below are Views on Crude Oil Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities
Top oil exporters Saudi Arabia and Russia announced fresh output cuts this week bringing total reductions by OPEC+, and its allies, to around 5 million barrels per day (bpd), or about 5% of global oil demand.
As expected Mcx crude oil prices increased by 4.51% and closed at 4 week's high levels at 6069 levels. Brent is also increased by 4.18% at $78.24 levels per barel. It climbed on the back of supply concerns and technical buying .
For the next week it may found Support at 5800 levels ($75) and then 5500($71) while resistance at 6200($80) and then 6500 levels ($84) .
We are expecting crude oil may test $80 to $84 levels very soon. Buy on dips strategy is recommending for the next week.
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