Crude Oil - Sep 7 , 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading half a percent down to $68.54 per barrel for the day. MCX Crude oil September futures were trading near Rs. 5065 per barrel by noon session.

Crude oil prices traded mixed on Saudi price cut and slower output recovery in Gulf of Mexico. The gradual hike in OPEC plus production and Saudi Arabia oil prices cut has flagged demand worries putting pressure on oil prices. More than 80% of oil production in the Gulf of Mexico is still remained shut after Ida more than a week after the storm made landfall and hit critical infrastructure in the region.

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. 4980, resistance at Rs. 5120.

Source : Equity Bulls

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