Crude Oil - June 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.46% down at $70.71 per barrel for the day. MCX Crude oil June futures were down by 0.27% at Rs. 5228 by noon session.

Crude oil prices traded lower as stronger dollar continued pressure on commodities on hawkish FED. The dollar rally has lower demand outlook for oil in terms of other currencies. Crude oil prices traded weak on added pressure from possible revival of nuclear deal with Iran.

Crude oil prices are expected to trade sideways to down for the day with resistance at $72 and support at $69.50 per barrel. MCX Crude oil June has support at Rs. 5180, resistance at Rs.5280.

Source : Equity Bulls

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