Crude Oil - June 25, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading up by 0.25% at $73.49 per barrel for the day. MCX Crude oil July futures were up by 0.42% at Rs. 5460 by noon session.

Crude oil prices kept range bound trading keeping the weekly gains following mixed global cues. The higher demand outlook ahead of US summer driving season and fuel demand recovery in US and Europe has kept oil prices firm. The speculation ahead of OPEC plus meeting next week and US summer driving season demand may keep oil prices on edge for short term.

Crude oil prices are expected to trade sideways to up for the day with resistance at $74 and support at $72 per barrel. MCX Crude oil July has support at Rs. 5380, resistance at Rs. 5520.

Source : Equity Bulls

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