Crude Oil - April 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.93% to $60.78 per barrel for the day. MCX Crude oil May futures fell by 1.44% to Rs. 4571 by noon session.

Crude oil prices traded under pressure on worries over fuel demand recovery with surge in virus cases across globe. Crude oil prices witnessed selling after EIA report showed surprise build in the weekly inventories. The partial lockdown in India and rising cases in Japan and Brazil may keep oil prices under check due to economic slowdown.

Crude oil prices are expected to trade sideways to down for the day with resistance at $63 and support at $59 per barrel. MCX Crude oil May has support at Rs. 4520, resistance at Rs.4630.

Source : Equity Bulls

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