Crude Oil - Sep 29, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.86% down near $74.64 per barrel for the day. MCX Crude oil October futures were trading 0.72% lower near Rs. 5547 per barrel by noon session.

Crude oil prices pared gains with profit booking following broad selling in commodities. Crude oil prices declined after US API data showed a build of 4.127 million barrels for the week ending Sep. 24. The stronger dollar also pressured crude oil prices to trade weak.

Crude oil prices may extend decline if EIA data comes in line with Tuesday's API data. Crude oil prices are expected to trade weak for the day with resistance at $76 and support at $73 per barrel. MCX Crude oil October has support at Rs. 5480, resistance at Rs. 5650.

Source : Equity Bulls

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