Crude Oil - June 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.26% down at $71.96 per barrel for the day. MCX Crude oil June futures were up by 0.40% at Rs. 5298 by noon session supported by rupee depreciation.

Crude oil prices traded under pressure on stronger dollar halting five day rally. The dollar index reported its strongest single day gain in 15 months after the Federal Reserve signalled it might raise interest rates at a much faster pace than assumed.

Crude oil prices are expected to trade sideways to 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.5360.

Source : Equity Bulls

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