Crude Oil - April 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading over half a percent down to $64.56 per barrel for the day. MCX Crude oil May futures were trading 0.52% lower at Rs. 4793 by noon session.

Crude oil prices pared previous gains over slower than expected China factory activity data. Crude oil demand recovery is largely relied on growth in China and US. The disappointed data may keep oil prices under pressure for the day despite of better US economic data.

Crude oil prices are expected to trade sideways to down 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.4850.

Source : Equity Bulls

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