Crude Oil - April 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices traded near $59.87 per barrel for the day. MCX Crude oil April futures traded up by 0.89% to Rs. 4518 by noon session.

Crude oil prices traded firm on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. Crude oil prices also getting support from expectation of bullish weekly inventory report from API later on the day. Crude oil prices traded up on FED comments to do necessary to support economic recovery.

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. 4450, resistance at Rs.4580.

Source : Equity Bulls

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