Crude Oil - July 2, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading 0.36% lower at $74.96 per barrel for the day. MCX Crude oil July futures were trading marginal up at Rs. 5612 by noon session.

Crude oil prices are hovering near $75 per barrel on delayed OPEC plus decision on output quota. The disagreement amongst the member on increasing oil output has boosted buying in crude oil following stronger demand. The OPEC plus group will resume talks on Friday to reach any agreement.

Crude oil prices are expected to trade sideways to up for the day with resistance at $76 and support at $73.90 per barrel. MCX Crude oil July has support at Rs. 5540, resistance at Rs.5680.

Source : Equity Bulls

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