Crude Oil - June 10, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.19% down at $69.83 per barrel for the day. MCX Crude oil June futures were marginal up by 0.31% at Rs. 5106 by noon session.

Crude oil prices traded under pressure on demand worries from US summer driving season with rise in product inventories. U.S. gasoline inventories rose by more than 7 mb for a second weekly gain while weekly crude oil inventories fell by 5.2 mb. Investors are also eyeing on development from Iran nuclear talks.

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

Keywords