Crude Oil - July 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal up with benchmark NYMEX WTI crude oil prices were up by 0.33% to $71.89 per barrel for the day. MCX Crude oil August futures were trading half a percent up at Rs. 5364 by noon session.

Crude oil prices traded higher on expectations of bullish weekly inventory data. The API report on Tuesday showed a draw of 4.7 mb in last week. Crude oil prices got support form peak summer season which may reflect in weekly inventory drawdown in the official data released by EIA today.

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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