Crude Oil - Oct 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.21% down near $75.72 per barrel for the day. MCX Crude oil October futures were trading 0.39% up near Rs. 5638 per barrel by noon session.

Crude oil prices traded lower as traders and investors are awaiting outcome from OPEC plus meeting on output quota. Several countries are pressuring the cartel to increase production and lower prices as fuel demand continues to recover. Producers are considering adding more supply than laid out in the OPEC+ deal.

Crude oil prices are expected to trade sideways to up with resistance at $78 and support at $74 per barrel. MCX Crude oil October has support at Rs. 5570, resistance at Rs. 5710.

Source : Equity Bulls

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