Crude Oil - June 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.16% at $68.94 per barrel for the day. MCX Crude oil June futures rose by 0.40% at Rs. 5046 by noon session.

Crude oil prices are trading above near term resistance of $68 rallying on strong demand outlook. Crude oil prices have gained on fuel demand recovery hopes form US, China and Europe after OPEC forecasted higher demand in second half of the year. OPEC+ data shows that by the end of the year oil demand will be 99.8 mb per day versus supply of 97.5 mb per day.

Crude oil prices are expected to trade sideways to up for the day with resistance at $70 and support at $67 per barrel. MCX Crude oil June has support at Rs. 4980, resistance at Rs.5120.

Source : Equity Bulls

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