Crude Oil - July 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied to $76.81 per barrel for the day. MCX Crude oil July futures were trading over half a percent at Rs. 5720 by noon session.

Crude oil prices rose after OPEC plus nations failed to reach any agreement on change in output quota. The OPEC+ talks collapsed on Monday as the United Arab Emirates (UAE) seeks to increase supply against Saudi Arabia's proposal to keep a tight lid on production. Crude oil prices rose on tighter market fears on higher demand with stalled OPEC decision.

Crude oil prices are expected to trade up for the day with resistance at $78 and support at $76 per barrel. MCX Crude oil July has support at Rs. 5650, resistance at Rs.5790.

Source : Equity Bulls

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