Crude Oil - Aug 9, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices plunged by 3.84% to $65.66 per barrel for the day. MCX Crude oil August futures were trading 4% down at Rs. 4887 per barrel by noon session.

Crude oil prices continued downside on Monday on stronger dollar and demand growth worries on China COVID restrictions. China imposed new COVID-19 curbs including flight cancellations, warnings by 46 cities against travel, and limits on public transport and taxi services in 144 of the worst hit areas. China reported 125 new COVID-19 cases, up from 96 a day earlier. In Malaysia and Thailand, infections continue to hit daily records of more than 20,000.

Crude oil prices are expected to trade down for the day with resistance at $68 and support at $64 per barrel. MCX Crude oil August has support at Rs. 4810, resistance at Rs.4970.

Source : Equity Bulls

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