Crude Oil - June 1, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices edged higher with benchmark NYMEX WTI crude oil prices rallied by 2.96% at $68.29 per barrel for the day. MCX Crude oil June futures rose by more than 2% at Rs. 4978 by noon session.

Crude oil prices traded higher on higher demand outlook from US, Europe and China with reopening of economic activities. The strong factory activity data from China and weaker dollar has pushed oil prices higher with US markets returned from Holiday. The higher demand expectations from upcoming summer driving season has also supported oil prices to trade up. Market is awaiting for outcome from OPEC plus meeting scheduled today.

Crude oil prices are expected to trade up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs. 4890, resistance at Rs.5040.

Source : Equity Bulls

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