Crude Oil - Feb 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 1.20% down at $62.78 per barrel for the day. MCX Crude oil March futures were trading down at Rs. 4608 by noon session.

Crude oil prices traded under pressure with selling across equities and commodities with rise in bond yields. Crude oil prices capped upside near the resistance level of $64/65 amid speculation over output boost from OPEC plus nations in the upcoming meeting.

We expect crude oil prices to trade sideways to down with support at $62 and resistance at $64. MCX Crude oil March has support at Rs.4560, resistance at Rs.4650.

Source : Equity Bulls

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