Crude Oil - Feb 24, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading lower by 0.26% at $61.50 per barrel for the day. MCX Crude oil March futures were trading down at Rs. 4467 by noon session.

Crude oil prices declined on inventory build as cold freeze has curbed demand from refiners in last few weeks. The US API data showed 1 mb of rise in crude oil stockpiles against forecast of 5.2 mb draw.

We expect crude oil prices to trade sideways to down with support at $60.50 and resistance at $63. MCX Crude oil March has support at Rs.4390, resistance at Rs.4510.

Source : Equity Bulls

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