Crude Oil - July 7, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rose by nearly 1% to $74.07 per barrel for the day. MCX Crude oil July futures were trading over half a percent up at Rs. 5531 by noon session.

Crude oil prices resumed upside on expectations of tighter supplies with OPEC disagreement. The OPEC+ talks collapsed on standoff between UAE and Saudi Arabia as the United Arab Emirates (UAE) seeks to increase supply against Saudi Arabia's proposal to keep a tight lid on production. The White House Press Secretary Jen Psaki said that U.S. officials have been speaking to both sides in order to keep oil market balanced.

Crude oil prices are expected to trade up for the day with resistance at $76 and support at $73 per barrel. MCX Crude oil July has support at Rs. 5470, resistance at Rs.5590.

Source : Equity Bulls

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