Crude Oil - July 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were marginal down by 0.31% to $71.69 per barrel for the day. MCX Crude oil August futures were trading up at Rs. 5373 by noon session.

Crude oil prices traded higher outweighing the concerns of rising virus cases. Crude oil prices pared previous losses on strong demand outlook in the second half of the year despite of production hike from OPEC plus nations. The strong equity earning s season has also boosted investment sentiment in crude oil.

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.5450.

Source : Equity Bulls

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