Crude Oil - Aug 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 1% to $68.05 per barrel for the day. MCX Crude oil September futures were trading 1.28% down at Rs. 4997 per barrel by noon session.

Crude oil prices pared gains on easing worries over Hurricane Ida which crossed the coast near Port Fourchon, Louisiana, a hub of the Gulf's offshore energy industry. Crude oil production and refinery operation may resume soon which pressure oil prices to trade lower for the day.

Crude oil prices are expected to trade sideways to down for the day with resistance at $70 and support at $66 per barrel. MCX Crude oil September has support at Rs. 4920, resistance at Rs. 5080.

Source : Equity Bulls

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