Crude Oil - Aug 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.34% down near $67.31 per barrel for the day. MCX Crude oil September futures were trading marginal down at Rs. 5012 per barrel by noon session.

Crude oil prices pared two days gains on Wednesday on stronger dollar and COVID worries. Crude oil prices may cap downside with drawdown in weekly inventories and loss of production from Mexico. API data showed crude inventories fell 1.6 million barrels for the week ended Aug. 20, while gasoline stockpiles fell 1 million barrels.

Crude oil prices are expected to trade sideways to up for the day with resistance at $69 and support at $65 per barrel. MCX Crude oil September has support at Rs. 4930, resistance at Rs. 5080.

Source : Equity Bulls

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