Crude Oil - April 27, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading nearly 1% up to $62.47 per barrel for the day. MCX Crude oil May futures rose to Rs. 4673 by noon session.

Crude oil prices traded up on short recovery however the upside was capped on growing demand worries from India over rising virus cases. The partial lockdown measures in India and stare of emergency in Japan has raised concerns over fuel demand recovery from top oil consumers.

Crude oil prices are expected to trade sideways to up for the day with resistance at $64 and support at $61 per barrel. MCX Crude oil May has support at Rs. 4620, resistance at Rs.4740.

Source : Equity Bulls

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