Crude Oil - March 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 2.42% up at $60 per barrel for the day. MCX Crude oil April futures were trading 2.50% higher at Rs. 4361 by noon session.

Crude oil prices rebounded from Thursday's slump on supply concerns as transport blockage at Suez Canal may take weeks' time. Crude oil prices have witnessed zigzagged move in last three trading sessions as traders swing over demand worries and supply concerns. We expect crude oil prices to trade up for the day as speculation of supply crunch may overpower pandemic concerns.

Crude oil prices are expected to trade up for the day with resistance at $62 and support at $59 per barrel. MCX Crude oil April has support at Rs. 4270, resistance at Rs.4450.

Source : Equity Bulls

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