Crude Oil - Feb 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading down by more than 1.500% up at $59.44per barrel on Friday. MCX Crude oil March futures were trading 2% down at Rs. 4325 by noon session.

Crude oil prices pared weekly gains as cold snap in US has shut demand from refiners putting pressure on crude oil inventories. The cold snap in Texas has shut some of oil refining facilities limiting the demand.

We expect crude oil prices to trade lower with support at $58.50 and resistance at $61. MCX Crude oil March has support at Rs.4290, resistance at Rs.4380.

Source : Equity Bulls

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