Crude Oil - April 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices fell by 0.61% to $58.97 per barrel for the day. MCX Crude oil April futures traded up near Rs. 4385 by noon session on weaker rupee.

Crude oil prices are fluctuating on mixed global cues on fuel demand recovery hopes as global vaccine rollout widens. Crude oil prices are trading up ahead of official weekly oil inventory data after the API reported drawdown. The fall in dollar index boosted bargain buying in crude oil despite of higher supply from OPEC plus.

Crude oil prices are expected to trade up for the day with resistance at $61 and support at $58 per barrel. MCX Crude oil April has support at Rs. 4310, resistance at Rs.4470.

Source : Equity Bulls

Keywords