Crude Oil - Feb 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading around 0.80% up at $61.62 per barrel on Thursday. MCX Crude oil February futures were trading 1.63% up at Rs. 4484 by noon session.

Crude oil prices rallied to 13 month high levels on fuel demand recovery hopes over vaccine rollouts and positive economic data from US. The cold snap in Texas has shut some of oil production facilities which may support oil prices to trade firm.

We expect crude oil prices to trade higher with support at $60 and resistance at $63. MCX Crude oil February has support at Rs.4430, resistance at Rs.4550.

Source : Equity Bulls

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