Crude Oil - July 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices were trading near $75.23 per barrel for the day. MCX Crude oil July futures were trading marginal up at Rs. 5602 by noon session.

Crude oil prices are hovering above $75 per barrel awaiting OPEC plus decision on output quota. The disagreement amongst the member on increasing oil output has boosted buying in crude oil following stronger demand. The OPEC plus group will resume talks on Monday after they agreed in principle to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022.

Crude oil prices are expected to trade sideways to up for the day with resistance at $76 and support at $74 per barrel. MCX Crude oil July has support at Rs. 5540, resistance at Rs.5680.

Source : Equity Bulls

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