Crude Oil - June 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.44% up at $70.36 per barrel for the day. MCX Crude oil June futures rose by 0.92% at Rs. 5136 by noon session.

Crude oil prices rose above $70 at its highest since Oct. 2018 on strong demand outlook. The API report showed that weekly US crude oil stockpiles fell by 2.1 mb in last week. The ease in lockdown measure with large scale vaccination programs has boosted demand outlook for oil.

Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $68 per barrel. MCX Crude oil June has support at Rs. 5060, resistance at Rs.5180.

Source : Equity Bulls

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