Crude Oil - April 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded down with benchmark NYMEX WTI crude oil prices were trading 1.35% lower to $61.30 per barrel for the day. MCX Crude oil May futures fell by 1.23% to Rs. 4595 by noon session.

Crude oil prices witnessed selling on worries over fuel demand recovery. The rising virus cases in India has raised concerns over fuel consumption from the top oil importer. The state emergency in Japan has also dented demand growth outlook pressuring oil prices.

Crude oil prices are expected to trade sideways to down for the day with resistance at $63 and support at $60 per barrel. MCX Crude oil May has support at Rs. 4520, resistance at Rs.4650.

Source : Equity Bulls

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