Crude Oil - Feb 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil prices were trading near $62.50 per barrel gaining 1.30% for the day. MCX Crude oil March futures were trading 2.30% up at Rs. 4540 by noon session.

Crude oil prices rose to 13 month high on expectations of slower restart of oil output form cold weather impacted Texas area. The resume of refinery operations will bring oil demand back on track.

We expect crude oil prices to trade higher with support at $61 and resistance at $64. MCX Crude oil March has support at Rs.4490, resistance at Rs.4580.

Source : Equity Bulls

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