Crude Oil - May 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading at $64.61 per barrel for the day. MCX Crude oil May futures were trading over half a percent down at Rs. 4756 by noon session.

Crude oil prices pared some previous losses supported by broad rally in global commodities. The weaker dollar also boosted buying in crude oil while stronger data from China has improved demand outlook for the year. China's crude oil imports rose by more than 7% in 2021 compared to last year. However, demand growth worries have capped oil prices near the resistance level of $68 per barrel.

Crude oil prices are expected to trade sideways to down for the day with resistance at $67 and support at $63 per barrel. MCX Crude oil May has support at Rs. 4690, resistance at Rs.4830.

Source : Equity Bulls

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