Crude Oil - Aug 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded down with benchmark NYMEX WTI crude oil prices were trading near to $768.06 per barrel for the day. MCX Crude oil August futures were trading over half a percent down at Rs. 5048 per barrel by noon session.

Crude oil prices traded lower on weaker demand with rising virus cases and disappointed US data which resulted in dollar rally. Crude oil prices traded weak after US API report showed inventory build of 3.6 mb in last week. Crude oil prices may keep downside limited on Middle East tensions on Iran and Israel spat on tanker hijack blame game.

Crude oil prices are expected to trade sideways to down for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil August has support at Rs. 4970, resistance at Rs.5120.

Source : Equity Bulls

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