Crude Oil - Oct 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.16% down near $74.91 per barrel for the day. MCX Crude oil October futures were trading 0.83% down near Rs. 5525 per barrel by noon session.

Crude oil prices pared some of previous gains on expectations that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns. The rising prices of coal and natural gas due to lower supply has increased demand for crude oil. OPEC plus nations are scheduled to meet on Monday where producers will discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day (bpd) in November and December.

Crude oil prices are expected to trade sideways to down with resistance at $76 and support at $73 per barrel. MCX Crude oil October has support at Rs. 5460, resistance at Rs. 5590.

Source : Equity Bulls

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