Crude Oil - March 8, 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 $66.72 per barrel for the day. MCX Crude oil March futures were trading 1% up at Rs. 4892 by noon session.

Crude oil prices rallied on Monday on geopolitical tensions on reports of attack on Saudi oil facilities. Yemen's Houthi forces fired drones and missiles at Saudi Arabia's oil industry on Sunday, including key export hub at Ras Tanura. The operations are unaffected from the attack while crude oil prices witnessed speculative buying in the opening trade.

Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil March has support at Rs.4850, resistance at Rs.4960.

Source : Equity Bulls

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