Crude Oil - April 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading nearly 2% up near $61.33 per barrel for the day. MCX Crude oil April futures were trading around 1% up at Rs. 4428 by noon session.

Crude oil prices traded firm ahead of OPEC talks and expectations of output cut extension. Crude oil prices traded under pressure in previous trade on demand outlook worries after OPEC plus nations lowered oil demand forecast for the year 2021. The traders and investors weighed demand prospects against bullish weekly inventory data. The lockdown amid third wave of virus cases in Europe and rising cases in India and Brazil has capped upside in oil prices.

Crude oil prices are expected to trade up for the day with resistance at $63 and support at $60 per barrel. MCX Crude oil April has support at Rs. 4350, resistance at Rs.4480.

Source : Equity Bulls

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