Crude Oil - Aug 18, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Crude oil prices traded firm with benchmark NYMEX WTI crude oil prices were trading 0.41% near $66.61 per barrel for the day. MCX Crude oil August futures were trading marginal up at Rs. 4960 per barrel by noon session.

Crude oil prices pared some losses after falling for five consecutive days. Crude oil prices have witnessed selling pressure on gloomy demand outlook over rising virus cases in US and other parts of the world. Crude oil prices are trading firm on Wednesday with expectations of drawdown in weekly inventories after API report showed 1.16 mb of decline.

Crude oil prices are expected to trade sideways to down for the day with resistance at $68 and support at $65 per barrel. MCX Crude oil August has support at Rs. 4890, resistance at Rs.5040.

Source : Equity Bulls

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