Crude Oil - May 20, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.33% up at $63.56 per barrel for the day. MCX Crude oil June futures were trading flat at Rs. 4667 by noon session.

Crude oil prices pared some of previous gains after falling by more than3%. Crude oil futures may cap upside on progress over Iran nuclear talks. Crude oil prices may witness selling on mounting worries over higher inflation and rising virus cases in other Asian countries apart from India. The crash in crypto currencies has supported dollar index to trade firm which may pressure oil prices.

Crude oil prices are expected to trade sideways to down for the day with resistance at $65 and support at $62.50 per barrel. MCX Crude oil June has support at Rs. 4590, resistance at Rs.4730.

Source : Equity Bulls

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