Crude Oil - March 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading around 1% up near $64.55 per barrel for the day. MCX Crude oil March futures were trading up at Rs. 4725 by noon session.

Crude oil prices extended previous gains after OPEC plus nations agreed to keep output quota unchanged in April. The market was expecting some ease in output cuts of around 1.5 mb per day. Crude oil prices are expected to trade sideways to up for the day nearing the resistance levels of $65 per day. MCX Crude oil March has support at Rs.4670, resistance at Rs.4760.

Source : Equity Bulls

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