Crude Oil - Aug 23, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 2.80% up near $63.88 per barrel for the day. MCX Crude oil September futures were trading 2.48% up at Rs. 4755 per barrel by noon session.

Crude oil prices gained on Monday paring some of previous week's losses and halting seven day losing streak. Crude oil prices are supported by weaker dollar and rebound in overall commodity segment. However, the China COVID restrictions and rising virus cases in other parts of the world has dampened demand outlook. Crude oil prices are expected to trade sideways to up for the day with resistance at $65 and support at $62 per barrel. MCX Crude oil September has support at Rs. 4690, resistance at Rs.4820.

Source : Equity Bulls

Keywords