Crude Oil - April 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading near $63.25 per barrel for the day keeping the lower trading range. MCX Crude oil May futures traded marginal up to Rs. 4734 by noon session over weaker rupee.

Crude oil prices traded under pressure on worries over fuel demand recovery amid rising virus cases. The travel restrictions from Hong Kong to flights from India, Pakistan and Philippines has pressured oil prices to trade weak. Crude oil demand is hit by partial lockdown in India and Brazil while Japan is on the verge of fourth wave of virus infections.

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 May has support at Rs. 4680, resistance at Rs.4780.

Source : Equity Bulls

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