Crude Oil - July 30, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were trading half a percent down to $73.25 per barrel for the day. MCX Crude oil August futures were trading marginal up at Rs. 5470 by noon session.

Crude oil prices traded off the recent highs heading for second weekly gains. The strong demand outlook despite of OPEC output hike and lower inventory at US has support oil prices to retain upper trading range above $70 per barrel. The rebound in major economies has helped to underpin fuel consumption and drained stockpiles built up during the pandemic.

Crude oil prices are expected to trade sideways to up for the day with resistance at $75 and support at $72 per barrel. MCX Crude oil August has support at Rs. 5380, resistance at Rs.5520.

Source : Equity Bulls

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