Crude Oil - May 27, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.72% lower at $65.73 per barrel for the day. MCX Crude oil June futures traded 0.70% down at Rs. 4789 by noon session.

Crude oil prices traded under pressure on possible return of Iranian supply and weaker demand from emerging economies. The weekly US inventory draw failed to support prices on Thursday while stronger dollar also capped upside. The traders and investors remained vary on mixed fundamentals which has kept oil prices in range.

Crude oil prices are expected to trade sideways to down for the day with resistance at $67 and support at $64 per barrel. MCX Crude oil June has support at Rs. 4730, resistance at Rs.4860.

Source : Equity Bulls

Keywords