Crude Oil - Sep 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.07% down to $69.94 per barrel for the day. MCX Crude oil September futures were trading marginal down at Rs. 5122 per barrel by noon session.

Crude oil prices pared some of previous gains on Friday ahead of key US data. Earlier, Crude oil prices rallied on higher demand for oil products and lower output due to power shortage post Hurricane Ida. US oil rigs are resuming operations slower than expected pace which has supported higher oil prices.

Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $68 per barrel. MCX Crude oil September has support at Rs. 5020, resistance at Rs. 5170.

Source : Equity Bulls

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