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

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by more than 1% at $64.56 per barrel for the day. MCX Crude oil June futures traded 1.10% lower at Rs. 4746 by noon session.

Crude oil prices witnessed selling on expectation of Iranian supply returns with progress on nuclear deal talks. The lifting of Iranian sanctions may increase global oil supply putting more pressure on oil prices. Crude oil prices declined with rise in weekly inventories as per API institute. The rising virus cases in Asia may hamper demand outlook for medium term.

Crude oil prices are expected to trade sideways to down for the day with resistance at $68 and support at $63 per barrel. MCX Crude oil June has support at Rs. 4690, resistance at Rs.4820.

Source : Equity Bulls

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