Crude Oil - Sep 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading half a percent up to $68.83 per barrel for the day. MCX Crude oil September futures were trading 0.30% down at Rs. 5040 per barrel by noon session.

Crude oil prices traded higher on OPEC plus meet and drawdown in weekly inventories. OPEC plus nations will meet today to determine whether to continue its plan to increase supply by 400,000 bpd each month through December 2021 in wake of rising COVID cases. The US API data showed draw of 4.04 mb from weekly inventories, the same may mirror in the official data later tonight.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $66 per barrel. MCX Crude oil September has support at Rs. 4970, resistance at Rs. 5120.

Source : Equity Bulls

Keywords