Crude Oil - June 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.58% up at $73.27 per barrel for the day. MCX Crude oil July futures were up by 0.87% at Rs. 5465 by noon session.

Crude oil prices traded higher reversing previous losses on falling US stockpiles. The industry-funded American Petroleum Institute was said to report domestic crude inventories fell 7.2 million barrels last week. Earlier, Crude oil prices witnessed selling on expectations that OPEC plus nation may consider output hike when they meet next week.

Crude oil prices are expected to trade sideways to up for the day with resistance at $74 and support at $72 per barrel. MCX Crude oil July has support at Rs. 5380, resistance at Rs.5530.

Source : Equity Bulls

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