Crude Oil - July 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices plunged by 1.85% to $71.78 per barrel for the day. MCX Crude oil July futures fell by 1.87% to Rs. 5349 by noon session.

Crude oil prices extended decline with rise in fuel inventories and expectations of OPEC deal. The U.S. gasoline stockpiles increased by more than 1 million barrels last week. Saudi Arabia and the United Arab Emirates were said to resolve the standoff that has prevented OPEC+ from raising output to meet higher demand.

Crude oil prices are expected to trade down for the day with resistance at $74 and support at $70 per barrel. MCX Crude oil July has support at Rs. 5270, resistance at Rs.5410.

Source : Equity Bulls

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