Crude Oil - May 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading half a percent up to $64.84 per barrel for the day. MCX Crude oil May futures were trading 0.67% up at Rs. 4815 by noon session.

Crude oil prices recovered as higher demand prospects from Europe and US offset pandemic worries of India. The European Union is set to ease restrictions for the upcoming peak summer travel season, while states around the New York region in the U.S. are likely to lift most of the COVID-19 capacity restrictions on businesses.

Crude oil prices are expected to trade sideways to up for the day with resistance at $67 and support at $63 per barrel. MCX Crude oil May has support at Rs. 4740, resistance at Rs.4870.

Source : Equity Bulls

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