Crude Oil - July 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rose by 0.69% to $74.61 per barrel for the day. MCX Crude oil July futures rallied by more than 1% near Rs. 5560 by noon session.

Crude oil prices traded up on lower supply concerns with expectations of drawdown in weekly US inventories and OPEC disagreement over output quota. Crude stockpiles have declined steadily for several weeks, with U.S. inventories falling to the lowest since February 2020 in the week to July 2.

Crude oil prices are expected to trade up for the day with resistance at $76 and support at $73 per barrel. MCX Crude oil July has support at Rs. 5480, resistance at Rs.5620.

Source : Equity Bulls

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