Crude Oil - April 12, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices traded near to $59.41 per barrel for the day. MCX Crude oil April futures traded up to Rs. 4454 by noon session supported by rupee depreciation.

Crude oil prices got some support from dollar decline while lower demand concerns on rising COVID cases across world. The US Fed chairman Powell said that the economy is at an "inflection point" with stronger growth and hiring ahead thanks to the COVID-19 vaccine rollout and powerful policy support. The FED comments has lent some support to the oil prices.

Crude oil prices are expected to trade sideways to up for the day with resistance at $61 and support at $58 per barrel. MCX Crude oil April has support at Rs. 4380, resistance at Rs.4510.

Source : Equity Bulls

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