Crude Oil - May 12, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.90% up at $65.87 per barrel for the day. MCX Crude oil May futures rose by 0.75% to Rs. 4836 by noon session.

Crude oil prices fluctuated on stronger dollar and higher demand outlook from OPEC. Crude oil prices have kept firm trading after OPEC downplayed India pandemic situation showing confidence in global oil demand recovery.

Crude oil prices are expected to trade up for the day with resistance at $67 and support at $64 per barrel. MCX Crude oil May has support at Rs. 4750, resistance at Rs.4890.

Source : Equity Bulls

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