Crude Oil - April 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 1.95% to $60.25 per barrel for the day. MCX Crude oil April futures were trading nearly 2% down at Rs. 4427 by noon session.

Crude oil prices traded weak on demand outlook worries and ease in OPEC plus output cuts. The OPEC plus nations agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July. 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 down for the day with resistance at $62 and support at $59 per barrel. MCX Crude oil April has support at Rs. 4370, resistance at Rs.4490.

Source : Equity Bulls

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