Crude Oil - June 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices gained by 0.66% at $68.17 per barrel for the day. MCX Crude oil June futures rose by 0.93% at Rs. 4989 by noon session.

Crude oil prices traded higher on higher demand outlook from OPEC following strong US data. The strong US manufacturing data improved demand outlook eyeing economic growth. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, agreed on Tuesday to keep to their plan to gradually ease supply curbs through July.

Crude oil prices are expected to trade up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs. 4890, resistance at Rs.5040.

Source : Equity Bulls

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