Crude Oil - Sep 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.36% to $68.34 per barrel for the day. MCX Crude oil September futures were trading marginal up at Rs. 4998 per barrel by noon session.

Crude oil prices witnessed selling after OPEC plus nations stick to their strategy to gradual increase in supply despite of rising COVID worries. The OPEC plus agreed on Wednesday to continue a policy of phasing out record production reductions by adding 400,000 bpd each month to the market. The EIA report showed that Crude oil inventories fell by 7.2 mb in last week.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil September has support at Rs. 4930, resistance at Rs. 5080.

Source : Equity Bulls

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