Crude Oil - March 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded down with benchmark NYMEX WTI crude oil prices were trading 1% lower $60 per barrel for the day. MCX Crude oil March futures were trading over half a percent down at Rs. 4423 by noon session.

Crude oil prices pared previous gains amid broad selling in commodities and fear that OPEC plus nations may eased output cut quota when they meet this week. The weaker Chinese data and dollar rally has put additional selling pressure on Crude oil prices.

We expect crude oil prices to trade sideways to down with support at $59 and resistance at $61.50. MCX Crude oil March has support at Rs.4360, resistance at Rs.4470.