Crude Oil - May 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.33% down to $63.37 per barrel for the day. MCX Crude oil May futures were trading marginal down at Rs. 4716 by noon session.

Crude oil prices declined on demand growth worries from pandemic hit India with partial lockdown. The transport restrictions and lockdown measures may lower fuel consumption in India. The Iran and the United States are in talks to revive a nuclear deal which could lead to a lifting of U.S. sanctions that would allow Iran to ramp up oil exports.

Crude oil prices are expected to trade sideways to down for the day with resistance at $65 and support at $62 per barrel. MCX Crude oil May has support at Rs. 4650, resistance at Rs.4780.

Source : Equity Bulls

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