Crude Oil - April 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading up by 1.31% to $64.24 per barrel for the day. MCX Crude oil May futures traded 0.94% higher to Rs. 4825 by noon session.

Crude oil prices traded up on dollar decline and expectations of drawdown in weekly inventories. Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga. The disruption could cut Libya's oil output by 280,000 barrels per day.

Crude oil prices are expected to trade sideways to up for the day with resistance at $65.20 and support at $63 per barrel. MCX Crude oil May has support at Rs. 4730, resistance at Rs.4890.

Source : Equity Bulls

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