Crude Oil - Oct 5, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.41% up near $77.94 per barrel for the day. MCX Crude oil October futures were trading 0.36% down near Rs. 5804 per barrel by noon session.

Crude oil prices extended gains rallying to three years high on fear of lower supply post OPEC plus decision. The OPEC+, said on Monday it would maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to boost output as the world economy recovers. Crude oil prices are expected to trade sideways to up with resistance at $80 and support at $76 per barrel. MCX Crude oil October has support at Rs. 5720, resistance at Rs. 5860.

Source : Equity Bulls

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