Crude Oil - Aug 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading up by 0.35% to $69.33 per barrel for the day. MCX Crude oil August futures were trading half a percent up at Rs. 5150 per barrel by noon session.

Crude oil prices recovered from recent lows on heightened Middle East tensions. Israeli jets struck rocket launch sites in Lebanon on Thursday in response to two rockets fired towards Israel from Lebanese territory. The exchange came after an attack on a tanker off the coast of Oman last Thursday, which Israel blamed on Iran.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $68 per barrel. MCX Crude oil August has support at Rs. 5080, resistance at Rs.5230.

Source : Equity Bulls

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