Crude Oil - March 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1.89% up at $62.67 per barrel for the day. MCX Crude oil March futures were trading up at Rs. 4612 by noon session.

Crude oil prices resumed uptrend on Monday on demand growth optimism over US stimulus hopes and US approving third COVID vaccine. 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 up with support at $62 and resistance at $65. MCX Crude oil March has support at Rs.4570, resistance at Rs.4670.

Source : Equity Bulls

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