Crude Oil - March 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices were trading near $60 per barrel for the day. MCX Crude oil March futures were trading near 2% lower at Rs. 4383 by noon session.

Crude oil prices are hovering near $60 on demand growth optimism due to vaccine roll outs and worries that OPEC may ease some output cuts. The market is expecting ease of 1.5 mb per day of output cuts with end of voluntary production cuts from Saudi Arabia.

We expect crude oil prices to trade sideways to down with support at $59 and resistance at $61.50. MCX Crude oil March has support at Rs.4320, resistance at Rs.4450.

Source : Equity Bulls

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