Crude Oil - July 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.16% down to $70.19 per barrel for the day. MCX Crude oil August futures were trading 0.53% up to Rs. 5280 by noon session.

Crude oil prices pares some of previous gains on demand worries and rise in weekly inventories. Earlier, crude oil prices rallied on bargain buying from support levels of $66 per barrel. The EIA report showed that weekly US crude oil stockpiles rose by 2.10 mb.

Crude oil prices are expected to trade sideways to down for the day with resistance at $72 and support at $68 per barrel. MCX Crude oil August has support at Rs. 5180, resistance at Rs.5350.

Source : Equity Bulls

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