Crude Oil - April 28, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.11% lower to $62.84 per barrel for the day. MCX Crude oil May futures were up at Rs. 4693 by noon session.

Crude oil prices traded up on higher demand prospectus after OPEC committed to increase supply by 2 mb per day for next three months. The higher demand from US and China will absorb supply hike in coming months. The traders and investors will await US weekly crude oil inventory data in evening session.

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. 4640, resistance at Rs.4760.

Source : Equity Bulls

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