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

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.18% up at $66.97 per barrel for the day. MCX Crude oil June futures traded 0.29% up at Rs. 4865 by noon session.

Crude oil prices traded higher on expectations of US fuel demand recovery. The higher demand on summer driving season has supported oil prices to trade up. The weekly inventory draw and positive US economic data has offset higher supply concerns from Iran.

Crude oil prices are expected to trade sideways to up for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil June has support at Rs. 4790, resistance at Rs.4950.

Source : Equity Bulls

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