Crude Oil - May 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.36% lower at $65.84 per barrel for the day. MCX Crude oil June futures traded at Rs. 4811 by noon session.

Crude oil prices witnessed some selling as indirect negotiations between the United States and Iran are due to resume in Vienna this week. Earlier, prices gained on reports of some hitch in nuclear talks which made traders and investors boost buying from lower levels. Traders and investors are closely watching developments over Iran nuclear deal which can bring around 2 mb per day of crude oil supply into the market.

Crude oil prices are expected to trade up for the day with resistance at $68 and support at $64 per barrel. MCX Crude oil June has support at Rs. 4750, resistance at Rs.4890.

Source : Equity Bulls

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