Crude Oil - May 26, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices were trading 0.24% lower at $66.23 per barrel for the day. MCX Crude oil June futures traded flat at Rs. 4829 by noon session.

Crude oil prices remain fluctuated ahead of weekly inventory data and ongoing Iran nuclear talks. The traders and investors remained vary on mixed fundamentals which has kept oil prices in range. The weaker dollar and broad buying in commodities has supported oil prices while expectation of bullish weekly inventory data may side-line Iranian supply pressure.

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 June has support at Rs. 4760, resistance at Rs.4890.

Source : Equity Bulls

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