Crude Oil - June 4, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.49% up at $69.15 per barrel for the day. MCX Crude oil June futures rose by 0.86% at Rs. 5055 by noon session.

Crude oil prices pared early loses on positive global cues. Crude oil prices are keeping firm trading range on fuel demand recovery hopes form US, China and Europe after OPEC forecasted higher demand in second half of the year. The stronger US data has lifted investment sentiments for crude oil with expansion in manufacturing activities.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $68 per barrel. MCX Crude oil June has support at Rs. 4980, resistance at Rs.5120.

Source : Equity Bulls

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