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

Crude oil prices traded lower with benchmark NYMEX WTI crude oil prices were more than 1% down to $73.19 per barrel for the day. MCX Crude oil August futures were trading 1.18% down at Rs. 5452 by noon session.

Crude oil prices declined on Monday on worries over China's economic recovery after factory activity slipped sharply in the world's second-largest oil consumer with rise in oil output from OPEC producers. Crude oil prices also traded under pressure with rising cases of Delta variant in US and China and other parts of the world.

Crude oil prices are expected to trade down 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.5510.

Source : Equity Bulls

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