Crude Oil - March 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were hovering above $61 per barrel for the day. MCX Crude oil April futures were trading half a percent up at Rs. 4510 by noon session on sharp rupee depreciation.

Crude oil prices traded firm with traders and investors shifting focus to upcoming OPEC meeting. The OPEC plus nations will discuss output levels as oil prices hare comfortably trading above $60 per barrel. The ease of supply worries form Suez Canal and pandemic worries in Europe has kept upside limited in oil prices.

Crude oil prices are expected to trade up for the day with resistance at $62 and support at $59 per barrel. MCX Crude oil April has support at Rs. 4450, resistance at Rs.4570.

Source : Equity Bulls

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