Crude Oil - April 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded down with benchmark NYMEX WTI crude oil prices fell by nearly 1% to $59.20 per barrel for the day. MCX Crude oil April futures traded half a percent down to Rs. 4424 by noon session.

Crude oil prices witnessed selling with unexpected rose in US gasoline inventories despite of drawdown in crude oil inventories. The EIA data showed that weekly gasoline stockpile rose by 4.04 mb against forecast of 0.21 mb draw. The weaker demand and ample supply has capped upside in oil prices.

Crude oil prices are expected to trade down for the day with resistance at $61 and support at $58 per barrel. MCX Crude oil April has support at Rs. 4340, resistance at Rs.4480.

Source : Equity Bulls

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