Crude Oil - April 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 0.60% to $62.80 per barrel for the day. MCX Crude oil April futures traded lower by 0.84% to Rs. 4712 by noon session.

Crude oil prices pared previous gains on worries over rising COVID cases in emerging markets including India and Brazil. Earlier, oil prices rallied after EIA report showed larger than expected inventory draw. The weekly crude oil stockpiles fell by 5.89 mb as per the EIA data. The chatter over Iran's uranium enrichment may add some risk premium to the prices over geopolitical worries.

Crude oil prices are expected to trade sideways to down for the day with resistance at $64 and support at $60 per barrel. MCX Crude oil April has support at Rs. 4650, resistance at Rs.4770.

Source : Equity Bulls

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