Crude Oil - Aug 24, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 1.01% up near $66.30 per barrel for the day. MCX Crude oil September futures were trading 0.92% up at Rs. 4932 per barrel by noon session.

Crude oil prices extended Monday gains on full approval of US vaccines which improved fuel demand outlook. The U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine. Earlier, Crude oil prices rallied on dollar declined following positive cues from broad commodity market outweighing rising virus concerns.

Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil September has support at Rs. 4860, resistance at Rs. 5010.

Source : Equity Bulls

Keywords