12-06-2024 04:44 PM | Source: JM Financial Services
Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd
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Below the Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd
"Oil continues to trade with a positive bias, as prices remain supported by demand expectations in the ongoing U.S. summer driving season, falling bi-product inventories in U.S. and revised oil demand estimates by OPEC and EIA for rest of the year. WTI crude has recovered from around $76.5 hit last week after reports that U.S. Energy department plans to refill is strategic reserves quickly.
Technically, bias looks positive with support at 6495/ 6440, upside prices may test 6620/ 6670."
Technically, bias looks positive with support at 6495/ 6440, upside prices may test 6620/ 6670."
Above views are of the author and not of the website kindly read disclaimer
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