Crude Oil - Feb 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by more than 2% to $60.76 per barrel on Monday. MCX Crude oil February futures were trading 2% up to Rs. 4410 by noon session.

Crude oil prices soared on Middle East tensions after The Saudi-led coalition fighting in Yemen said late on Sunday it intercepted and destroyed an explosive-laden drone fired by the Iran-aligned Houthi group toward the kingdom.

We expect crude oil prices to trade higher with support at $59 and resistance at $62. MCX Crude oil February has support at Rs.4370, resistance at Rs.4460.

Source : Equity Bulls

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