Crude Oil - May 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.36% down at $63.59 per barrel for the day. MCX Crude oil May futures traded lower to Rs. 4665 by noon session.

Crude oil prices witnessed selling after the Colonial Pipeline resumed operations after shutting down late last week in response to a ransomware attack. Crude oil prices have declined from resistance level of $68 on demand worries from pandemic hit India, the third largest oil consumer.

Crude oil prices are expected to trade sideways to down for the day with resistance at $65 and support at $62 per barrel. MCX Crude oil May has support at Rs. 4590, resistance at Rs.4730.

Source : Equity Bulls

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