Crude Oil - June 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.42% up at $72.42 per barrel for the day. MCX Crude oil June futures were up by 0.59% at Rs. 5311 by noon session.

Crude oil prices extended gains for the fifth consecutive day supported by drawdown in weekly inventories and higher demand prospectus. The US API data showed a draw of 8.53 mb for the week which may reflect in today's official inventory data.

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. 5250, resistance at Rs.5380.

Source : Equity Bulls

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