Crude Oil - Aug 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by 1.72% to $68.58 per barrel for the day. MCX Crude oil September futures were trading half a percent up at Rs. 5069 per barrel by noon session.

Crude oil prices gained on possible supply disruption in Gulf of Mexico as Tropical Storm Ida is nearing the key producing region. The energy companies have begun shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend.

Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $67 per barrel. MCX Crude oil September has support at Rs. 4980, resistance at Rs. 5180.

Source : Equity Bulls

Keywords