Crude Oil - Feb 16, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices hovered near $60 per barrel on Tuesday gaining more than half a percent. MCX Crude oil February futures were trading marginal down at Rs. 4360 by noon session.

Crude oil prices gained on lower supply expectations as production was halted in Texas, main producing region of US due to cold weather. The tensions in Middle East also supported prices to trade firm on Saudi - Iran tensions.

We expect crude oil prices to trade higher with support at $59 and resistance at $62. MCX Crude oil February has support at Rs.4320, resistance at Rs.4410.

Source : Equity Bulls

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