Crude Oil - May 24, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1.50% higher at $64.53 per barrel for the day. MCX Crude oil June futures traded 1.44% up at Rs. 4726 by noon session.

Crude oil prices rebounded after losing more than 3% in last week on potential halt on Iranian Nuclear deal. The speaker of Iran's parliament said on Sunday that three-month monitoring deal between Tehran and the U.N. nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease. The comment from Iran official has triggered speculation with delay in talks which may support crude oil prices to trade firm.

Crude oil prices are expected to trade up for the day with resistance at $67 and support at $63 per barrel. MCX Crude oil June has support at Rs. 4650, resistance at Rs.4780.

Source : Equity Bulls

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