Crude Oil - April 29, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading over half a percent up to $64.32 per barrel for the day. MCX Crude oil May futures were flat near Rs. 4773 by noon session.

Crude oil prices traded up on expectation of higher demand which offset COVID worries and hike in supply. The higher demand from US and China will absorb supply hike in coming months. The OPEC plus forecasted a demand growth to 6 million barrels per day for 2021.

Crude oil prices are expected to trade sideways to up for the day with resistance at $67 and support at $62 per barrel. MCX Crude oil May has support at Rs. 4720, resistance at Rs.4820.

Source : Equity Bulls

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