Crude Oil - May 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.74% up at $66.77 per barrel for the day. MCX Crude oil May futures traded marginal up to Rs. 4871 by noon session.

Crude oil prices traded higher supported by broad buying in commodities and weaker dollar. The improved demand prospectus from Europe and UK has boosted buying in crude oil. The British economy reopened on, giving 65 million people a measure of freedom after a four-month COVID-19 lockdown.

Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil May has support at Rs. 4790, resistance at Rs.4960.

Source : Equity Bulls

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