Crude Oil - May 11, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading down by more than 1% at $64.14 per barrel for the day. MCX Crude oil May futures fell by 1.40% to Rs. 4710 by noon session.

Crude oil prices traded under pressure on Tuesday as traders and investors weighed on demand concerns after Colonial Pipeline Co unveils timeline to restore supply. The higher inflation fears and weakness in equity indices also capped oil prices for the day.

Crude oil prices are expected to trade down for the day with resistance at $65.80 and support at $63 per barrel. MCX Crude oil May has support at Rs. 4650, resistance at Rs.4780.

Source : Equity Bulls

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