Crude Oil - Sep 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.97% up to $71.14 per barrel for the day. MCX Crude oil September futures were trading 1.22% higher near Rs. 5241 per barrel by noon session.

Crude oil prices are trading higher above $70 per barrel with expectations of drawdown in weekly inventories. The US API data showed a draw of 5.437 million barrels for the week ending Sep. 10. Tropical Storm Nicholas moved slowly through the region on Tuesday, cutting power to hundreds of thousands of homes and businesses. However, refineries in Texas continued to run normally.

Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $69.80 per barrel. MCX Crude oil September has support at Rs. 5150, resistance at Rs. 5320.

Source : Equity Bulls

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