Crude Oil - July 23, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.18% down to $71.78 per barrel for the day. MCX Crude oil August futures were trading 0.26% up to Rs. 5357 by noon session.

Crude oil prices rallied above $70 outweighing rising COVID cases worries on positive global cues. The rally in equity indices and prices below $70 attracted long term investors on higher demand outlook in the second half of the year. However, concerns of fresh wave of COVID cases in Europe and other part of the world may keep oil prices under check.

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

Source : Equity Bulls

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