Crude Oil - July 14, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded weak with benchmark NYMEX WTI crude oil prices were trading half a percent down to $74.86 per barrel for the day. MCX Crude oil July futures fell by 0.45% near Rs. 5584 by noon session.

Crude oil prices traded down on lower demand concerns from China. Crude imports in China, the world's top oil importer, reportedly dropped by 3% from January to June 2021 year-on-year. The US API data showed a draw of 4.079 million barrels for the week ended Jul. 9.

Crude oil prices are expected to trade sideways to up for the day with resistance at $76 and support at $73 per barrel. MCX Crude oil July has support at Rs. 5520, resistance at Rs.5650.

Source : Equity Bulls

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