Crude Oil - March 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading down by 0.42% at $64.77 per barrel for the day. MCX Crude oil March futures were trading 0.48% down at Rs. 4746 by noon session.

Crude oil prices were up on fuel demand recovery hopes with progress on $1.9 trillion stimulus package and expectations of bullish weekly inventory data. However, the eased Middle East tensions on attack on Saudi oil facilities have dragged oil prices down from recent highs.

Crude oil prices are expected to trade sideways to down for the day with resistance at $67 and support at $63 per barrel. MCX Crude oil March has support at Rs.4670, resistance at Rs.4820.

Source : Equity Bulls

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