Crude Oil - Feb 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil prices were trading near $59.61 per barrel gaining 0.56% for the day. MCX Crude oil March futures were trading 0.65% up at Rs. 4332 by noon session.

Crude oil prices witnessed recovery as some of the lost oil production has returned on line in Texas. The resume of refinery operations will bring oil demand back on track.

We expect crude oil prices to trade higher 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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