Crude Oil - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded higher with NYMEX WTI Crude oil prices rise nearly 1% to $41 on Monday. Crude oil futures prices at MCX for the July contract were trading up to Rs.3055 by noon session.

Crude oil prices witnessed buying on Monday in line with positive equity indices. The tightened supplies with recent inventory drawdown and fall in rig count in the US has supported oil prices to trade firms. The expectations of strong PMI numbers from the US have also boosted investment sentiments after previous week's positive economic data.

We expect oil prices to trade sideways to up for the day with support at $39 and resistance at $42. MCX Crude oil July futures has support at Rs. 2990 with resistance at Rs.3110.

Source : Equity Bulls

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