Crude Oil - Feb 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading over half a percent up at $60.40 per barrel on Wednesday. MCX Crude oil February futures were trading up at Rs. 4397 by noon session.

Crude oil prices traded up on hopes over fuel demand recovery and lower supply expectations due to cold snap in Texas. The upside remained capped in crude oil with dollar recovery keeping prices with marginal gains.

We expect crude oil prices to trade higher with support at $59 and resistance at $62. MCX Crude oil February has support at Rs.4340, resistance at Rs.4450.

Source : Equity Bulls

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