Crude Oil - Aug 20, 2021 - Mr. Tapan Patel, Senior Analyst (Commodities), HDFC Securities

"Crude oil prices traded marginal down with benchmark NYMEX WTI crude oil prices were trading near $63.48 per barrel for the day. MCX Crude oil September futures were trading 0.40% up at Rs. 4741 per barrel by noon session.

Crude oil prices gained in the morning trade paring some previous losses. Crude oil prices are trading under pressure set to report weekly decline of 6% on weaker demand. The China COVID restrictions and rising virus cases in other parts of the world has dampened demand outlook. Crude oil prices also added pressure on strong dollar and fall in equity indices following weak global cues. Crude oil prices are expected to trade sideways to down for the day with resistance at $65 and support at $62 per barrel. MCX Crude oil September has support at Rs. 4690, resistance at Rs.4820."

Source : Equity Bulls

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