Crude Oil - April 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by 1.76% to $59.67 per barrel for the day. MCX Crude oil April futures rose by 2.36% at Rs. 4382 by noon session.

Crude oil prices recovered on Tuesday after falling by more than 5% in previous trade. The fall in dollar index boosted bargain buying in crude oil despite of higher supply from OPEC plus. Crude oil prices were also supported by strong equity indices and positive US economic data.

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. 4310, resistance at Rs.4470.

Source : Equity Bulls

Keywords