Crude Oil - May 10, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.74% up at $65.35 per barrel for the day. MCX Crude oil May futures were trading over half a percent up at Rs. 4799 by noon session.

Crude oil prices rose on Monday over pipeline disruption after cyber-attack. Colonial Pipeline Co., a key supplier of gasoline, diesel and jet fuel to the eastern half of the U.S., halted operations pushing oil product prices higher. The weaker dollar also boosted buying in crude oil along with broad buying in commodities. We expect crude oil prices to trade up for the day.

Crude oil prices are expected to trade up for the day with resistance at $67 and support at $64 per barrel. MCX Crude oil May has support at Rs. 4730, resistance at Rs.4870.

Source : Equity Bulls

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