Crude Oil - May 6, 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 $65.94 per barrel for the day. MCX Crude oil May futures were trading nearly 1% up at Rs. 4872 by noon session.

Crude oil prices are fluctuating between pandemic worries and economic recovery raising demand hopes. Crude oil prices have capped down side on stronger fuel demand recovery from US and China while ease in lockdown measures in Europe has improved investment sentiments. The EIA report showed large inventory draw of 7.99 mb in line with market expectations.

Crude oil prices are expected to trade sideways to up for the day with resistance at $67 and support at $64.50 per barrel. MCX Crude oil May has support at Rs. 4830, resistance at Rs.4950.

Source : Equity Bulls

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