Crude Oil - Aug 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.45% up to $71.58 per barrel for the day. MCX Crude oil August futures were trading half a percent up at Rs. 5325 by noon session.

Crude oil prices pared previous loses after dropping on slower manufacturing activities. Crude oil prices capped downside on geopolitical concerns after Iran threatened to respond promptly to any threat against its security after the United States, Israel and Britain blamed Tehran for an attack on an Israeli-managed tanker off the coast of Oman. However, growing cases of Delta variant may keep oil prices under check for short term.

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 August has support at Rs. 5260, resistance at Rs.5390.

Source : Equity Bulls

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