Crude Oil - May 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.26% up at $65.53 per barrel for the day. MCX Crude oil May futures traded marginal up to Rs. 4793 by noon session.

Crude oil prices kept firm trading range on demand growth prospectus with re-opening of economic activities in Europe and UK. However, worries on record cases in India and weak data from US and China has capped prices for the day. Crude oil prices are facing strong resistance near $68 with balanced market.

Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $64 per barrel. MCX Crude oil May has support at Rs. 4720, resistance at Rs.4860.

Source : Equity Bulls

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