Crude Oil - March 31, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.45% up near $60.80 per barrel for the day. MCX Crude oil April futures were trading around half a percent up at Rs. 4476 by noon session.

Crude oil prices traded higher with traders and investors shifting focus to upcoming OPEC meeting. The OPEC plus nations may extend output cuts till June with Saudi Arabia backing up the extension plan. The lockdown amid third wave of virus cases in Europe and rising cases in India and Brazil has capped upside 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. 4420, resistance at Rs.4560.

Source : Equity Bulls

Keywords