Crude Oil - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 1.02% down to $68.58 per barrel for the day. MCX Crude oil September futures fell by 0.89% to Rs. 5017 per barrel by noon session.

Crude oil prices traded lower on weak demand outlook and Saudi price cut. Saudi Arabia's Saudi Aramco said that it will cut October prices for all crude grades sold to Asia by at least $1 a barrel. The weaker US Job market data has also pressured oil prices on expectations of slower demand recovery.

Crude oil prices are expected to trade sideways to down for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil September has support at Rs. 4960, resistance at Rs. 5080.

Source : Equity Bulls

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