Crude Oil - April 16, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded under pressure with benchmark NYMEX WTI crude oil prices were trading near $63.39 per barrel for the day. MCX Crude oil April futures traded lower by 0.59% to Rs. 4713 by noon session.

Crude oil prices regained strength on Friday over weaker dollar and demand revival on positive US economic data. The higher demand from China and US following positive economic data has kept oil prices at four week highs. The worries over rising COVID cases in emerging markets including India and Brazil has capped upside in crude oil prices.

Crude oil prices are expected to trade sideways to down for the day with resistance at $65 and support at $62 per barrel. MCX Crude oil April has support at Rs. 4650, resistance at Rs.4780.

Source : Equity Bulls

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