Crude Oil - March 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 1.26% down at $60.41 per barrel for the day. MCX Crude oil April futures were trading 1.10% lower at Rs. 4398 by noon session.

Crude oil prices witnessed roller coaster move on mixed fundamentals. Crude oil prices rallied in previous session on supply disruption fears due to shipment blockage in Suez Canal. Crude oil prices traded lower on Thursday as lockdown in some parts of the Europe outweighed shipment blockage worries.

Crude oil prices are expected to trade sideways to down for the day with resistance at $62 and support at $59 per barrel. MCX Crude oil April has support at Rs. 4320, resistance at Rs.4470.

Source : Equity Bulls

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