Crude Oil - Aug 17, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading over half a percent down near $66.67 per barrel for the day. MCX Crude oil August futures were down by 0.68% at Rs. 4972 per barrel by noon session.

Crude oil prices declined after Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand. Japan was set to extend its state of emergency in Tokyo and other regions to Sept. 12 and widen curbs to seven more prefectures.

Crude oil prices are expected to trade down for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil August has support at Rs. 4910, resistance at Rs.5060.

Source : Equity Bulls

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