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

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading over half a percent up near $61.70 per barrel for the day. MCX Crude oil March futures were trading 0.50% lower at Rs. 4500 by noon session.

Crude oil prices rebounded on speculation that OPEC plus nations may rollover the output cut quota to next month without any change. Crude oil prices ignored large weekly inventory build with OPEC meeting speculations.

We expect crude oil prices to trade sideways to up with support at $60 and resistance at $63. MCX Crude oil March has support at Rs.4450, resistance at Rs.4570.

Source : Equity Bulls

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