Crude Oil - June 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.66% down at $69.16 per barrel for the day. MCX Crude oil June futures fell by 0.65% at Rs. 5038 by noon session.

Crude oil prices traded under pressure on soft US payroll data and stronger dollar. The traders and investors are awaiting for this week's Iran nuclear talks when global powers will meet Iran on June 10th. We can see some profit booking with resistance at $70 per barrel with Iran speculation.

Crude oil prices are expected to trade sideways to down 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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