Crude Oil - Aug 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading near to $70.66 per barrel for the day. MCX Crude oil August futures were trading marginal up at Rs. 5246 by noon session.

Crude oil prices traded under pressure on demand growth worries. Crude oil prices witnessed selling from the start of the week on weaker demand outlook on spreading Delta variant cases. The rising numbers of COVID-19 cases in the US and China, the top two oil importers globally, are clouding the fuel demand outlook.

Crude oil prices are expected to trade sideways to down for the day with resistance at $72 and support at $69.50 per barrel. MCX Crude oil August has support at Rs. 5170, resistance at Rs.5320.

Source : Equity Bulls

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