Crude Oil - July 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices were trading 0.32% to $71.88 per barrel for the day. MCX Crude oil July futures were down by 0.41% to Rs. 5359 by noon session.

Crude oil are heading for the biggest weekly decline since mid-March. The United Arab Emirates is nearing a deal that would give it better terms and allow OPEC+ to boost output in the coming months. Crude oil prices traded under pressure as a resurgence of Covid-19 in some parts of the world has raised demand growth concerns.

Crude oil prices are expected to trade sideways to down for the day with resistance at $73 and support at $70 per barrel. MCX Crude oil July has support at Rs. 5280, resistance at Rs.5420.

Source : Equity Bulls

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