Crude Oil - June 15, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.32% up at $71.11 per barrel for the day. MCX Crude oil June futures were up by 0.39% at Rs. 5211 by noon session.

Crude oil prices continued upside on strong demand outlook and fading prospects of Iran supply. The recent indirect discussion paved no way for the deal with intense discussions. Crude oil prices rose on fuel demand recovery hopes form US, China and Europe with resumed vehicle and air traffic.

Crude oil prices are expected to trade up for the day with resistance at $74 and support at $70 per barrel. MCX Crude oil June has support at Rs. 5150, resistance at Rs.5280.

Source : Equity Bulls

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