Crude Oil - Aug 31, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by 1.14% to $68.42 per barrel for the day. MCX Crude oil September futures were trading 1.24% down at Rs. 5008 per barrel by noon session.

Crude oil prices traded under pressure on restored operations at Gulf of Mexico as crude producers are expected to gradually resume service after Hurricane Ida. Crude oil prices got additional selling ahead of OPEC plus meeting this week where it is expected to boost supply by a further 400,000 barrels per day on bright demand outlook.

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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