Crude Oil - July 12, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 0.67% to $74.06 per barrel for the day. MCX Crude oil July futures were trading over half a percent down near Rs. 5523 by noon session.

Crude oil prices declined on slower demand growth which underpinned tighter supply on stalled OPEC decision. The finance chiefs of the G20 large economies warned on Saturday that the spread of coronavirus variants and unequal access to vaccines has threaten the global economic recovery.

Crude oil prices are expected to trade sideways to down for the day with resistance at $75 and support at $72.80 per barrel. MCX Crude oil July has support at Rs. 5450, resistance at Rs.5580.

Source : Equity Bulls

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