Crude Oil - May 21, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading 0.34% down at $61.73 per barrel for the day. MCX Crude oil June futures traded 0.35% lower at Rs. 4534 by noon session.

Crude oil prices pare some of previous losses on Friday while prices are set to report biggest weekly loss since March. Crude oil prices witnessed sell off on higher inflation worries and deemed demand outlook due to rising virus cases in Asia. Crude oil prices are trading lower as traders and investor are weighing progress over Iran nuclear talks.

Crude oil prices are expected to trade sideways to down for the day with resistance at $64 and support at $60 per barrel. MCX Crude oil June has support at Rs. 4480, resistance at Rs.4630.

Source : Equity Bulls

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