Crude Oil - June 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.90% up at $71.55 per barrel for the day. MCX Crude oil June futures were up by 0.75% at Rs. 5241 by noon session.

Crude oil prices traded higher sustaining above $70 per barrel. Crude oil prices rose on fuel demand recovery hopes form US, China and Europe with ease in lockdown measures and reopening of the economic activities. The Vehicle traffic is returning to pre-pandemic levels in North America and much of Europe.

Crude oil prices are expected to trade up for the day with resistance at $74 and support at $70 per barrel. MCX Crude oil June has support at Rs. 5120, resistance at Rs.5310.

Source : Equity Bulls

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