Crude Oil - May 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1% up to $66.36 per barrel for the day. MCX Crude oil May futures were trading 1.57% up at Rs. 4918 by noon session.

Crude oil prices traded higher on higher demand expectations with re-opening of US and European economies. Crude oil prices got boost from large weekly inventory draw as per API. The official weekly inventory data will be released tonight. The large scale vaccination drive in US and expectations of ease in lockdown in UK has improved demand outlook for oil.

Crude oil prices are expected to trade higher for the day with resistance at $67 and support at $65 per barrel. MCX Crude oil May has support at Rs. 4850, resistance at Rs.4980.

Source : Equity Bulls

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