Crude Oil - July 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rose by 0.81% to $73.53 per barrel for the day. MCX Crude oil July futures rose by more than 1% to Rs. 5491 by noon session.

Crude oil prices traded up with bullish weekly inventory data and higher demand prospects. The US fuel demand surged to 10 mb per day in the week leading up to the July 4th holiday according to the US Energy Information Administration. Crude oil prices capped upside on demand concerns over Delta variant spreading.

Crude oil prices are expected to trade sideways to up for the day with resistance at $75 and support at $72 per barrel. MCX Crude oil July has support at Rs. 5420, resistance at Rs.5560.

Source : Equity Bulls

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