Crude Oil - July 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices fell by nearly 1.12% to $71.39 per barrel for the day. MCX Crude oil July futures fell by more than 1% to Rs. 5322 by noon session.

Crude oil prices witnessed selling for the third consecutive day as traders and investors continued to weigh on OPEC disagreement over output quota. Crude oil prices traded under pressure despite of drawdown in weekly inventories. The API data showed that crude oil stockpiles fell by 7.98 mb in last week.

Crude oil prices are expected to trade down for the day with resistance at $73 and support at $70 per barrel. MCX Crude oil July has support at Rs. 5260, resistance at Rs.5390.

Source : Equity Bulls

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