Crude Oil - June 22, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading 0.42% down at $72.81 per barrel for the day. MCX Crude oil July futures were down by 0.33% at Rs. 5412 by noon session.

Crude oil prices traded weak on dollar recovery ahead of US FED chairman testimony. Crude oil prices have sustained above $70 per barrel with resistance at $74 per barrel on strong fundamentals. Crude oil prices were supported by strong demand outlook ahead of US summer driving season and possible delay in Iran nuclear deal negotiations.

Crude oil prices are expected to trade sideways to down for the day with resistance at $74 and support at $71 per barrel. MCX Crude oil July has support at Rs. 5340, resistance at Rs.5480.

Source : Equity Bulls

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