Crude Oil - June 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.42% up at $71.59 per barrel for the day. MCX Crude oil July futures were trading half a percent up at Rs. 5317 by noon session.

Crude oil prices traded firm resuming uptrend with delay in Iran nuclear deal. The negotiations to revive the Iran nuclear deal took a pause on Sunday after hard-line judge Ebrahim Raisi won Iran's presidential election. Crude oil prices were also supported by fuel demand recovery with US summer driving season.

Crude oil prices are expected to trade sideways to up for the day with resistance at $73 and support at $70 per barrel. MCX Crude oil July has support at Rs. 5250, resistance at Rs.5380.

Source : Equity Bulls

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