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Crude oil eases on rising COVID-19 cases; Axis Securities recommend buy for a target of Rs 5,600

The momentum indicator Relative Strength Index (RSI) is at 51.12, which suggests a sideways movement in the prices.

Mumbai / July 26, 2021 / 04:23 PM IST

Crude oil prices marginally fell on July 26 as participants trimmed their bullish positions as seen by the open interest. The oil prices traded under pressure on surging COVID cases of Delta variant forced countries to imposed restrictions and fresh floods in China weigh on demand.

Crude oil prices recovered from losses suffered early last week on bargain buying and a strong demand outlook in the second half of the month.

The energy commodity traded in the negative after a gap-down start, tracking the weak global cues.

On the MCX, crude oil delivery for August declined Rs 22, or 0.41 percent, to Rs 5,347 per barrel at 15:51 hours IST with a business turnover of 5,631 lots. The delivery for September eased by Rs 18, or 0.34 percent to Rs 5,311 per barrel with a business volume of 183 lots.