Crude Oil - April 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded up with benchmark NYMEX WTI crude oil prices were trading 0.28% up to $61.60 per barrel for the day. MCX Crude oil May futures rose by 0.26% to Rs. 4637 by noon session.

Crude oil prices traded higher on Friday on expectations of fuel demand recovery from Europe with ease in COVID restrictions. Crude oil prices are expected to keep current trading range over rising cases in India with many countries restricting travel from India.

Crude oil prices are expected to trade sideways to up for the day with resistance at $63 and support at $60 per barrel. MCX Crude oil May has support at Rs. 4580, resistance at Rs.4720.

Source : Equity Bulls

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