Crude Oil - Feb 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.76% up at $63.73 per barrel for the day. MCX Crude oil March futures were trading more than 1% up at Rs. 4630 by noon session.

Crude oil prices rallied in previous session despite of bearish weekly inventory data. The lower supply concerns with impacted oil output due to cold storm in Texas boosted buying in oil prices.

We expect crude oil prices to trade sideways to up with support at $62 and resistance at $65. MCX Crude oil March has support at Rs.4570, resistance at Rs.4710.

Source : Equity Bulls

Keywords