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Below the Quote on Oil Prices by Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd\

Oil prices continue to trade positive but are stuck in their last week's consolidation range as we look ahead to clarity on the supply-demand equation, already supply-side factors so far have dominated the prices moves due to Russia-Ukraine attacking each other’s energy infrastructure, the Israel-Hamas was continues in the middle-east, and Houthi’s disrupting the supply via red sea with frequent attacks of ships/ cargos, while falling U.S. oil inventories and estimates of higher demand is adding to bullish sentiments. However, since the risk premium already has priced in - we are seeing some consolidative moves, but the underlying bias is expected to remain positive. Reports of U.N. resolution on immediate ceasefire in the Israel-Hamas war, have so far had little impact on prices.

Technically, we still maintain a positive view on prices with support at 6720/6690, while on the upside prices may test 6900-6990 levels.

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