Crude Oil - April 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices fell by 0.30% to $59.41 per barrel for the day. MCX Crude oil April futures traded up to Rs. 4449 by noon session supported by rupee depreciation.

Crude oil prices got some support from dollar decline and fall in inventories as traders and investors betted on higher demand expectation in second half of the year. Crude oil prices traded up on FED comments to do necessary to support economic recovery.

Crude oil prices are expected to trade sideways to down for the day with resistance at $61 and support at $58 per barrel. MCX Crude oil April has support at Rs. 4360, resistance at Rs.4490.

Source : Equity Bulls

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